SOC 111 Lecture Notes - Pet Rock, Labour Power, Air Jordan
Document Summary
How we produce and exchange the necessities of life. Market economy things are produced for exchange in the market place not for personal use (natural vs. exchange economy) 2 characteristics of a commodity: use value: meets a need. Some are fads i. e. , pet rock: exchange value: price/$ How is exchange value determined: the amount of labour time required to produce a commodity, under normal conditions of production in a given society, with the average degree of skill, the intensity of labour. Our mental and physical capacity to work. Workers legally free to sell labour power in marketplace. Use value: helps the capitalist to make $ Cost of means of survival of the worker. Cost of means of survival of worker"s family. Cost of satisfying social and cultural needs. = cost of labour power to produce labour power and the commodities need by family.