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The end-result of market development is a fully monetized economy (a "cash economy", although bankcards nowadays replace banknotes and coins), but how its workings appear to the individual at the micro-level, is often different or the inverse of its causal dynamic at the macro-level. According to Marx, this creates a lot of confusions in ...
In this regard Marx distinguishes value as the natural price of a commodity through the labour power invested in it, which forms an upper limit to wages, and the rate of profit as the ratio between the surplus value left to the capitalist after paying the wage, and the wage itself, thus excluding investments in capital prior to production, and ...
This is an ordinal level technique when a measurement model is not applied. Krus and Kennedy (1977) elaborated the paired comparison scaling within their domain-referenced model. The Bradley–Terry–Luce (BTL) model (Bradley and Terry, 1952; Luce, 1959) can be applied in order to derive measurements provided the data derived from paired ...
Since no one agency can control or regulate the myriad of transactions that occur (apart from blocking some trade here, and permitting it there), the whole of production falls under the sway of the law of value, and economics becomes a science aiming to understand market behaviour, i.e. the aggregate effects of a multitude of people interacting ...
The general price level is a hypothetical measure of overall prices for some set of goods and services (the consumer basket), in an economy or monetary union during a given interval (generally one day), normalized relative to some base set. Typically, the general price level is approximated with a daily price index, normally the Daily CPI.
English: This is a PDF version of the Introduction to Sociology Wikibook This file was created with MediaWiki to LaTeX . The LaTeX source code is attached to the PDF file (see imprint).
A bull market is the opposite of a bear market and occurs when asset prices rise significantly over a long period of time, commonly defined as a 20% or more increase from their most recent low. A ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...