Economics

Economics

Economics

Economics is the science of production and trade under a division of labor (market) society.

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Economic Actor

Economic Actor

The economic actor — the entity that performs all economic decisions and actions — is the individual.

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Economic Value

Economic Value

The economic value of a good or service is what an individual would exchange for a given good or service.

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Production

Production

Production is the act of creating — shaping materials into values –– goods and services for future consumption.

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Wealth

Wealth

Wealth is a material good or service that has value to human life (that has economic value.)

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Division of Labor

Division of Labor

In a division of labor society, individuals create values for future trade as opposed to self-consumption.

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Trade

Trade

Trade is the act of voluntarily exchanging one value for another. (Theft is when the value is exchanged involuntarily).

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Prices

Prices

The price of a good or service are the values it is exchanged for.

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Money

Money

Money is an asset used in a division of labor society as a medium for indirect exchange.

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Free-market

Free-market

A free-market is a market free from the intiation of physical force, where all exchanges are voluntary.

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Business Enterprise

Business Enterprise

A business (enterprise) is an organization that creates products/services to sell on the market with the goal of making a profit for its owners.

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Capital

Capital

Capital is savings from production reinvested in an industry to produce wealth.

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Interest

Interest

Interest is the premium on a loan, that is added to the principal when the loan is due.

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Say’s Law of Markets

Say’s Law of Markets

Say’s Law of Markets is the principle that supply constitutes demand. In Jean-Baptiste Say’s words: “products are paid for with products.”

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Capitalism FAQ

Intellectually “chew” the ideas brought up in the tour by exploring the Capitalism FAQ (Frequently Asked Questions).