F

Understanding Capitalism - W5

ASSIGNMENT:

  • example essay in modules?

  • title, intro, body - philosophicl analysis and critical evaluation, conclusion, references

  • make sure deep theory is integrated in each part

  • talk about limitations and strengths of how political theory is portrayed

  • have 2-3 external articles more to bond essay well together, but also use readings as a theory base (have 9-10 sources in total)

  • dont use commentary sources on film

  • look at writing review essay lecture from week 4

  • make an argument and persuade the reader that your idea is correct

  • 2000 words

Glossary Building:

Profit - financial gain from the difference between goods sold revenue and expenses

  • Revenue - Expenses = Profit

Production - the act of creating a result, product or output through utilising both physical and non-physical (won’t appear on a balance sheet but is essential for creating goodwill, reputation) components.

  • Labour, raw materials, conceptions to make an output

Consumption - The act of consuming, using, and disposing goods and services bound by economic activity

Market - area or arena where economic activity happens, in a metaphorical sense

Monopoly - exclusive possesson or control over a good and service / supply

Monopsony - exclusive controlling the consumption and purchasing over a good and service / supply

Competition - where two or more companies going against each other to gain monopoly over market economics, consumers behave rationality so they can buy the cheapest option, companies behave rationaly so they can sell the cheapest option to make the most money

Labour - skilled or unskilled effort in exchange for wages

Capital - resources, aside from labour that go into production

Investment - putting capital in for production, to grow the means of production and get a return

negative externality - a negative aspect that doesn’t happen to the consumer nor producer, but impacts the relationship between the two negatively (like pollution, environmental aspects)

privatisation - selling public institutions to a private markert

  • government doesnt have the same incentive or pressure to make a profit, so things are sold to a private market to ensure efficient results

economic is a cognitive framework for understanding our world

  • how we understand to go and buy things, which develop through institutions and sectors

video notes: