Market Economies

Market Economies - Market Economies and Capitalism &...

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Market Economies and Capitalism & Comparing Subsistence Strategies
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Terms to know Market Economy a system of allocating goods and services and determining prices on the basis of market forces, such as supply and demand Capitalism both an economic system based on money and markets and an ideology based on the private and corporate ownership of the means of production and distribution (is both an ideology and an economic system)
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Summary and key points: Market economy and capitalism 3 characteristics of capitalism Workers do not control the means of production Workers gain access to the means of production only through working for wages Workers produce value that is greater than the wage paid to them Surplus value Ideologies surrounding capitalism of support exploitation of laborers
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Reliance on buying and selling to survive in a market economy Market economies use an all- purpose currency Workers do not control means of production. They gain access to goods by working for wages. The products made are more valuable than the wages paid to the workers. Profits are increased by mass production.
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Summary and key points: Comparing Subsistence Strategies Foraging land and resources are available to all, no ownership of land Pastoralists animals are controlled or owned by individual families need to rotate or have permanent access to pastures Horticultural and Agricultural land is owned by families or individuals need to control land intensifies, eventually develop idea of private property so that people can buy and sell land Developed agricultural and industrial groups individuals not engaged in the same kinds of labor economic life is characterized by labor specialization property and land ownership
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Market Economies - Market Economies and Capitalism &...

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