SOC231H5 Lecture Notes - Lecture 2: Middle Ages, Proletariat, Took Clan
Document Summary
Workers exchange their commodity for rge commodity of the capitalist for money and the. Labour is a commodity comidtty of food, clothing they can buy from the money. This exchange commodity of things is called price. Wages special name for price of labour. Wages are part of already exsiting commodities which the capitalist biys for himself labour= capilaist already have saved wages from other labour/prouducer commodieties that he then pays the worker. Labour is a commoditu which the wage worker sells to the capital. Price determined by the copetetion between buyer and sellers, bu the relation of iquiry to deliver, damand and supply. Cpmepetition takes place among the sellers, lowering the prices yet there is also competition among the buys rising the prices. Competition also occurs between buyer and sellers. Wages rise and fall according toi rlation of supply and deamn, according to the turn taken bu comepetition of labour, the capilist, the workers and the labour.
