Supply Curve
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A Supply Curve is an empirical relationship for a Product Supply for Price Measure.
- …
- Counter-Example(s):
- See: Price Elasticity, Economic Competition, Capital Accumulation, Wage Labour.
References
2015
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/Capitalism#Supply_and_demand Retrieved:2015-4-27.
- Capitalism is an economic system and a mode of production in which trade, industries, and the means of production are largely or entirely privately owned. Such private firms and proprietorships are usually operated for profit, but may be operated as private nonprofit organizations. [1] [2] Central characteristics of capitalism include private property, capital accumulation, wage labour and, in some situations, fully competitive markets. [3] In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged. [4] The degree of competition, role of intervention and regulation, and scope of state ownership varies across different models of capitalism.[5] Economists, political economists, and historians have taken different perspectives in their analysis of capitalism and recognized various forms of it in practice. These include laissez-faire or free market capitalism, welfare capitalism, crony capitalism, corporatism, “third way” social democracy and state capitalism. Each model has employed varying degrees of dependency on free markets, public ownership, obstacles to free competition, and inclusion of state-sanctioned social policies. The extent to which different markets are free, as well as the rules defining private property, is a matter of politics and policy. Many states have a mixed economy, which combines elements of both capitalism and centrally planned economics.[6] Capitalism has existed under many forms of government, in many different times, places, and cultures. Following the demise of feudalism, mixed capitalist systems became dominant in the Western world and continue to spread.
- ↑ "Capitalism" Oxford Dictionaries. "capitalism. an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state." Retrieved 4 January 2013.
- ↑ Chris Jenks. Core Sociological Dichotomies. "Capitalism, as a mode of production, is an economic system of manufacture and exchange which is geared toward the production and sale of commodities within a market for profit, where the manufacture of commodities consists of the use of the formally free labor of workers in exchange for a wage to create commodities in which the manufacturer extracts surplus value from the labor of the workers in terms of the difference between the wages paid to the worker and the value of the commodity produced by him/her to generate that profit." London, England, UK; Thousand Oaks, California, USA; New Delhi, India: SAGE. p. 383.
- ↑ Heilbroner, Robert L. "capitalism." Durlauf, Steven N.and Lawrence E. Blume, eds., The New Palgrave Dictionary of Economics. 2nd ed. (Palgrave Macmillan, 2008)
- ↑ "an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market"
- ↑ Macmillan Dictionary of Modern Economics, 3rd Ed., 1986, p. 54.
- ↑ Stilwell, Frank. “Political Economy: the Contest of Economic Ideas.” First Edition. Oxford University Press. Melbourne, Australia. 2002.