Elements of Economics of Industry: Being the First Volume of Elements of Economics, Volume 1 |
Contents
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Common terms and phrases
ability action Adam Smith advantages agents of production amount arities average benefit capital and labour causes CHAPTER chiefly classes commodity competition consumption corn laws cost cultivation demand and supply demand price derived Diminishing Return division of labour dose duction economic economists effect efficiency employers England equal evil exert expenses of production fact factors of production factory give governed grade greater growth higher important income increase industry influence instance kind land less lower machinery manual labour manufacture marginal marginal utility material ment modern national dividend nature necessary normal occupation person population principle of substitution producer's surplus profits purchase Quasi-rent rate of interest rate of profits raw produce regard rent rise skill social supply price surplus tend tendency things tion towns trade true Unions utility wages wants wealth whole workers