Elements of Economics of Industry: Being the First Vol. of Elements of Economics

action Adam Smith advantages agricultural amount applied average benefit business ability capital and labour causes CHAPTER chief chiefly classes commodity consumption corn laws cost cultivation demand and supply demand price derived Diminishing Return division of labour dose duction earnings economic economists effect efficiency elastic employers England equal evil exertion expenses of production fact factors of production factory fertility give governed grade greater growth hand higher important income increase industry influence instance kinds land less lower machinery manufacture marginal marginal utility marriages ment modern nature necessary normal organization perhaps person population producer's surplus profits purchase Quasi-rent rate of interest rate of profits raw produce regard rent rise skill social soil strength supply price surplus tend tendency term things tion towns trade Unions utility wages wants whole workers