Home >> Economics Of Business >> Consumption Of Wealth 1 to Wages The Remuneration Of

Economics of Business

Consumption Of Wealth 1
Consumption Of Wealth 1. The Objects Of Consumption.—consumption Is The End Of All Human Effort. It Is The Goal Toward Which Are Directed The Energies Of' All Producers. When Anything Is Produced For Which There Is No Demand At A Price Above The Cost, The Producer Has Made A Mistake ...

Credit 1
Credit 1. Relation Of Credit To Exchange Processes.—it Is Not Practicable To Unfold The Science Of Business With The Same Logical Precision That Can Be Applied, For Instance, In Geometry. Business Is A Living Thing And Its Parts Are So Bound Up With One Another That We Must Of Necessity ...

Credit And Prices 1
Money, Credit And Prices 1. Relations Of Value, Price, Money And Credit.— The Discussion Has Taken Up Successively A Series Of Closely Related Phenomena, Value, Price, Money And Credit. It Remains To Consider Them In Their Mutual Relations. Price We Have Considered As The Expres Sion Of Value In The ...

Fundamental Concepts 1
Fundamental Concepts 1. Utility.in Economics The Words Utility And Value Are Given An Exact Definite Meaning Which Must Be Clearly Understood, Since In Everyday Speech They Are Used In Different Senses. Briefly, Utility Is Want-satisfying._ Power.. Any . , Thing Which Men Want Is Said To Possess Utility-. If Only ...

Interest A Payaient For
Interest A Payaient For Capital 1. Money And Banks.—in The Midst Of The Indus Trial System Stands The Banker. He Is The Most Com Manding Of All The Figures In Modern Commerce And Trade. Granting Credit Here, Accepting Loans There And Determining The Fate Of Bond Issues, He Directs The ...

International Trade And Foreign
International Trade And Foreign Exchange Baance Of Trade.—before The European War The General Public In The United States Seldom Heard Very Much About International Trade Except During Presidential Campaigns. At Such Times The Discus Sion Was Largely Limited To The Tariff, And The Emphasis Was Placed Upon The Protection Of ...

Labor And Enterprise
Labor And Enterprise F. Labon—labor Includes All Human Effort Having For Its End Or Aim The Gratification Of Wants Or The Pro Duction Of Income. Using The Term In Its Broadest Sense, We Might Say That There Is Not An Idler On The Earth, For All Persons Are Seeking In ...

Land And Capital 1
Land And Capital 1. Mad And Nature.—man First Began To Rise Above The Level Of The Beasts Of The Fields And Forests, And To Be Able To Satisfy An Increasing Number Of Wants, By Entering Into A Sort Of Business Partnership With Nature. He Doubtless First Scratched The Soil With ...

Money 1
Money 1. Mecizanism Of Exchange.—the First Form Of Exchange Was That Of Goods Or Services For Goods, Which Is Termed Barter. Such A Clumsy And Un Wieldy Procedure Could Be Used Only In A Primitive Community Where Wants Were Few And Goods Were Not Of Great Variety. The Inconvenience Of ...

Profits The Reward Of
Profits The Reward Of Management 1. Function Of The Profit-earner.—no Fact Is More Patent Than That A Risk Is Involved In Getting A Return From An Industrial Enterprise. The Laborer Is Will Ing, And Under Modern Conditions Is Compelled, To Accept Less Than The Full Value Of The Product Ile ...

Purpose And Scope Of
Purpose And Scope Of Economics 1. Economics Defined.—like Any Science Econom Ics, Or Political Economy As It Is Often Called, May Be Defined In Different Ways. For The Practical Man The Simplest Definition Is This : Economics Is The Science Which Seeks To Explain._ All Business Phenomeriir: Briefly, It Is ...

Rent The Payment For
Rent The Payment For The Use Of Land 1. Popular Use Of The Term.—according To The Everyday Use Of The Word, Rent Is The Compensation Paid For The Use Of Any Kind Of Property, Whether Movable Or Fixed. The Swain, On The Fourth Of July, Inquires Anxiously Of The Man ...

Three Fundamental Laws 1
Three Fundamental Laws 1. Human Wants.—two Characteristics Of Human Wants Possess Great Importance In Their Bearing Upon The Production And Consumption Of Wealth. First, There Seems To Be No Limit To The Number Of Wants Of Which A Human Being Is Capable. This Is One Reason Why Most People Find ...

Value And The
Value And The Pft,oducer 1. The Producer Controls The Suppl,y.—in The Pre Ceding Chapter We Have Seen That The Consumer Has Much To Do In The Creation Of The Phenomenon Called Value. From Him Comes The Demand For Commodi Ties, And So He Might Seem To Be In Absolute Control ...

Value And The Consumer
Value And The Consumer 1. Suppose The Consumer Cannot Sell.—in This Chapter We Shall Consider The Important Subject Of Value Entirely From The Consumer's Point Of View. Since All Goods Are Made To Be Consumed, Their Value To Consumers Is Of Decisive Importance. To The Consumer The Value Of Any ...

Value And The Trader
Value And The Trader 1. Importance Of Exchange.—exchange Is Perhaps The Most Conspicuous Phenomenon In Modern Indus Trial And Commercial Civilization. If A Visitor Could Come To The Earth From A Planet Where There Was No Buying And Selling, Each Person Producing All That He Consumed, He Would Be Amazed ...

Wages The Remuneration Of
Wages The Remuneration Of Labor 1. Claimants To The Product.—the Discussion Of Value Hasydisclosed The Fact That There Are Various Claimants To The Product Of Industry Under Modern Conditions. Each Must Be Remunerated And Each Must Receive A Compensation Which Will Insure His Continued Cooperation In The Work Of Production. ...