SOCA01H3 Lecture Notes - Lecture 7: State Ownership, Free Market, Combines Investigation Act
Document Summary
Midterm results: one awkwardly worded question- everyone got an extra point, midterms are available during office hours, make-up: to be announced as soon as room is booked. The economy: the economy refers to the social institution that organizes the production, distribution, and exchange of goods and services (p. 333) Primary includes raw natural resources such as farming, fishing, logging, and mining. Brief history of labor: agricultural revolution. Includes the use of tools to herd cattle and grow plants as well as the domestication of animals to aid in these endeavors. Dogs herding cattle, oxen pulling plows: industrial revolution. Based on the production of finished goods and trade in markets. Markets: social relations that regulate the exchange of goods and services. In a market, the prices of goods and services are established by how plentiful they are (supply) and how much they are wanted (demand) (p.
