Lesson 1 — The Basics. Economic Definitions

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

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

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


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

  
 
4. What is Wealth, according to Henry George? (Chapter 2; Economic Definitions)

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


 
6. What is production? What is its goal? When is the process completed? (Economic Definitions)


 
7. What is land, in political economy? Name the payment that land receives. (Economic Definitions)


 
8. What is labor, in political economy? Name the payment that labor receives. (Economic Definitions)  
 
  
 
9. What is capital, in political economy? Name the payment that capital receives. (Economic Definitions)  
 

 
10. Why is money not included in the category of wealth? (Economic Definitions)  
 


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