A Preface to Economics

ability achieve activities Adam Smith advantages agricultural agricultural revolution amount areas artificial capital business cycles business firms buyers capital accumulation cent century chapter commodity Consumption corporation costs demand distribution economic control economic system economist effect efficiency employed employment enterprisers entrepreneurs equal exchange expenditures extent factors of production farm functions gilds governmental Holding Company important increase individual industrial revolution industry institutions interest Investment labor labor unions laissez-faire and competition land less limited machinery manor marginal ment mercantilist mobility monetary monopoly national income national output natural resources nomic oligopoly operation owners ownership period plants policies productive factors profits pure competition reduce relative rent restrict result revolution Savings secure sell sellers shares social control social income spend supply things tion trade associations transportation types units utility value product various wages wants workers