Understanding Economics

Lesson 1

Your name:

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


2. What concept is missing from the "problem of scarcity" as it is construed by mainstream economics? [Economic Definitions]
 


 3. What is Wealth, according to Henry George? [Chp. 2; Economic Definitions]



4. Describe some of the confusions and ambiguities that surround the use of the term "wealth" by economists. [Chp. 4; Economic Definitions]



5. What is production? What is its goal? When is the process completed? [Chp. 1]
 


6. What fundamental principle of human exertion underlies all the  laws of economics? [Chp. 2; Economic Definitions]



7. What is land, in political economy? Name the payment that land  receives. [Chp. 2; Economic Definitions]



8. What is labor, in political economy? Name the payment that labor receives. [Chp. 2; Economic Definitions]



9. What is capital, in political economy? Name the payment that capital receives. [Chp. 2; Economic Definitions]
 


10. Why is money not included in the category of wealth? [Chp. 2; Economic Definitions]