Questions and Answers of Economics An Introduction To Traditional

Explain how money helps facilitate trade and enables economies to grow.
How is labor input into a product measured in a capitalist market economy? Explain using an example.
What does the labor theory of value assume about other inputs such as, in the example of the pigs, feed or machinery? In other words, how is the labor measured for inputs other than employees?
What is necessary labor?
What is the surplus created in the production of a product? Explain how this surplus is created.
How does surplus translate into profits for business owners in a capitalist market economy?
Assume the price of a quart of yogurt is $5 in the market. A firm employs one worker, and she earns $6 an hour for an eight-hour day. Other inputs to produce a quart of yogurt come to $2 per quart.
Use the concept of labor power to explain how working for an employer in a capitalist market economy is not the same as slavery.
How can labor power be treated as just another commodity, such as cheese, in the market?
What are some criticisms of this idea of labor power as a commodity? How is labor power not like other commodities?
Why do employers try to keep wages and other employee compensation low? Explain the impact on business owners if the cost of labor rises.
Why do workers struggle to raise wages and other employee compensation? According to the labor theory of value, what are they bargaining over?
The “third wave” of mergers consisted primarily of conglomerate mergers. Explain how conglomerate mergers are different from horizontal or vertical mergers.
What are some of the ways that the conflict between employers and employees over surplus product is manifested?
What are the concerns about the concentration and size of businesses in the global market?
Policymakers often worry less about conglomerates and market power and more about firms whose business is concentrated in a single industry. Why? What concerns are there about large conglomerates?
Does a global corporation have a perfect monopoly with no competition? Explain.
What are economies of scale? Give an example of how the cost per unit of production could be cheaper when many units rather than just a few are produced.
How can a firm attempting to capture all possible economies of scale end up having market power in that industry?
What does it mean when economists say that a firm has market power? How does the position of a firm with market power differ from that of a firm in a perfectly competitive market?
Why might large firms with little competition in their market become less efficient?
What are the debates about the impact of advertising on businesses? on consumers? on the larger economy?
What are some of the debates about regulating monopolies? What is the logic behind the arguments of the different points of view?
What are some key pieces of legislation aimed at controlling the impact of monopolies?
Why do members of dominant social groups have greater opportunities? Give two specific examples of this phenomenon.
How does a dominant group protect its status?
Give a contemporary example of one group using another group as a scapegoat for a social problem.
Define and explain what is meant by stereotype, prejudice, and discrimination.
What are “–isms”? What do they share in common?
Briefly recount the differences in median incomes among whites, blacks, Hispanics, and Asians. Briefly describe the differences in median wealth for these same groups. Draw on Tables 22.1 and 22.2 as
What are the different ideas that reinforce the discrimination of African Americans?
List two stereotypes each about African Americans, women, and the poor. What is a shared shortcoming of all of these stereotypes?
How has globalization both positively and negatively impacted the degree of discrimination that exists?
Who benefits from racism and sexism?
According to progressives, what are the ways in which capitalists benefit from racist discrimination? How does this view differ from the conservative economics perspective?
Give an example of how racism is used to create a disposable labor force.
According to progressives, how do capitalists gain through sexism? What would a conservative economist say in response?
How can the glorification of housework be profitable for capitalists?
What are examples of some racist myths or prejudice?
Why is the ideology of racial superiority so useful to the ruling class? Give examples to support your reasoning.
How was natural selection important in the development of early humanoids?
What is the definition of a prehistoric society and why is it so difficult to learn about these early communities?
What are some characteristics of early human society?
What evidence is used to substantiate claims about early humans and early society?
List and describe the four basic features of society used as a framework for analysis in this text. Using this framework, what are the basic features of prehistoric society?
What is an economy?
What is technology? What are examples of technology in early communal societies?
What are economic institutions? What is the key economic institution in prehistoric society?
Explain the importance of the communal group and the role of its members for ensuring the survival of all its members.
Can there be more than one way a society could organize to produce and allocate what it needs to survive and grow?
What are social institutions?
What is ideology as used in this text?
Give examples of ideas or systematic beliefs in early communal society.
We usually do not think of ideology as necessary for our day-to-day survival. In what ways is it necessary for the survival of the members of the communal society?
How could prehistoric societies survive so long with little change and without major technological advancements?
List the six possible interactions of the four basic institutions of society. Give brief examples of each interaction in prehistoric society.
What is productivity? Why was productivity so low in prehistoric communal societies?
What is a direct democracy? How does that differ from democracy as practiced in the United States today?
What is sexist discrimination? Why was it not practical in a prehistoric society?
What is racist discrimination? Why was it not a factor in prehistoric society?
What is the importance of the extended family?
Why is cooperation and collective action within the extended family so crucial for survival?
What are the three key discoveries comprising the Neolithic revolution?
What and where is the earliest evidence of agriculture, better stone tools and pottery?
What is diffusion?
Explain the role of geography in early farming.
How did agriculture spread from where it originated?
How is technology changing? How did the changing technology improve productivity?
Explain how productivity aids specialization and how specialization improves productivity.
What is the relationship of increasing productivity and the creation of surplus? Be sure to define the term surplus in your answer.
Why is surplus so crucial in the further changes in society?
How did increasing productivity enable towns to grow in size and population?
What is wealth and why are some people able to accumulate wealth?
Explain the significance of private property rights for accumulating wealth.
Why was war not practical or profitable in communal society? Why does increasing productivity and surplus now make war profitable?
How do widening differences in economic wealth translate into widening differences in political power?
What main groups of people comprised the slave population?
Who were the independent farmers and why did independent farms die out?
Why did workers in the cities who were not slaves remain poor?
What is the sequence of events that led women’s status to change from rough equality with men to being subordinate to men?
What is the explanation for the rise of the “double standard” for men and women?
Explain the emergence of priests and religious leaders in the slave society. What role do they play in this society?
How does governing change in the slave society?
Explain the common features of ancient slave-based societies for each of the four institutional structures in our framework: technology, economic institutions, social institutions, and ideology.
How are the features of each institutional structure different from communal society?
Who produced most of the goods and services for Rome?
How was production perceived by the slave owners and the ruling class? Why does this attitude limit technological change and motivation for technological change?
Why do slaves have little interest in changing technology?
Why might the slave owner not want to introduce new technology?
How did the composition of the Roman army change after the introduction of slavery?
Why is the changing composition of the Roman army a problem for the Roman Empire?
Discuss the two main reasons for the change from slavery to serfdom.
Explain the steps in the shift from slave society to a feudal society.
How is a serf like a slave and how is a serf different from a slave?
What incentives did a serf have not to revolt and how is this different from the slaves?
How did some of the chiefs of the Germanic tribes controlling parts of the Roman Empire move to feudalism?
Why was the possibility of increased productivity of serfs not realized for several centuries?
State the features of the four institutions under feudalism and explain how they are different from those in slave society.
What are the sources of serfs?
Why did feudal lords change from slave labor to serf labor?

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