Summary Of "The Economic System" By Armando Fastman (UNIVERSITY SUMMARIES)

by MAURICIO ENRIQUE FAU

Overview

We have summarized the essential of this book by the author.

THE ECONOMIC SYSTEM

1. Economic activity. Measurement

The problem of value is to determine a measure of the exchanges.

TYPES OF VALUE

• USE VALUE: is the ability of a merchandise to satisfy a need
• EXCHANGE VALUE: ability of a commodity to be exchanged for others, because it has a use value, is the product of human labor and is produced for the market

Human labor determines the magnitude of the product's value. This product is expressed in a monetary sign and is the PRICE.
Goods have different prices but in the long run the differences between value and price tend to disappear.

Product Details

BN ID:	2940165390968
Publisher:	BOOKS AND SUMMARIES BY MAURICIO FAU
Publication date:	12/30/2021
Series:	UNIVERSITY SUMMARIES
Sold by:	Draft2Digital
Format:	eBook
File size:	193 KB

About the Author

Mauricio Enrique Fau - Books And Summaries.