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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.
The latter imply different profit rates in different industries. Also, while market competition would establish a ruling price level for a type of output, different enterprises would use more or less labour to produce it. For these reasons, values produced and prices realised by different producers would quantitatively diverge.
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 ...
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 ...
The market structure determines the price formation method of the market. Suppliers and Demanders (sellers and buyers) will aim to find a price that both parties can accept creating a equilibrium quantity. Market definition is an important issue for regulators facing changes in market structure, which needs to be determined. [1]
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 ...
That is largely a matter of cost-prices, profit margins and sales turnover. If we find that the distribution of sale-prices for a given type of commodity converges on a particular normal price-level, then, Marx argues, the real reason is, that only at that price-level the commodity can be supplied at an acceptable or normal profit. [citation ...
Market freedom: degree of autonomy enjoyed by the participants in price determination and competition; Market regulation: restrictions on marketability and market freedom, done by tradition, convention, law, voluntary action; Trade networks are very old and in this picture the blue line shows the trade network of the Radhanites, c. 870 CE.