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Lesson 1: The Basics. Economic Definitions.

Please read the Introduction, chapters 1 - 2 and Economic Definitions

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1. What was "the great enigma" of Henry George's day? Is this still a problem - and a mystery - today?

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2. What fundamental principle of human behavior underlies all the laws of economics?

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3. What concept is missing from the "problem of scarcity" as it is construed by mainstream economics?

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4. What is Wealth, according to Henry George?

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5. Describe some of the confusions and ambiguities that surround the use of the term "wealth" by economists.

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6. What is production? What is its goal? When is the process completed?

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7. What is land, in political economy? Name the payment that land receives.

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8. What is labor, in political economy? Name the payment that labor receives.

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9. What is capital, in political economy? Name the payment that capital receives.

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10. Why is money not included in the category of wealth?

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11. Discuss ways in which the common meaning of each factor is different from its economic sense.

a) Land

b) Labor

c) Capital

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