1. Sociology 323 Economy & Society Jim Stanford Part 2

2. The Story of Stuff

3. Discussion What do you want to be when you grow up?

4. Which of the following statements do you favour? a) I would rather work less hours at my job even if it means that I have to consume less. b) I would rather work more hours at my job in order to be able to buy more things.

5. Which of the following statements do you favour? a) I would rather work in something that I enjoy even if I am not compensated all that well. b) I would work in a job I hate if they pay me a lot of money.

6. Economics for Everyone: Work, Tools & Profit Types of work in a Capitalist Economy Employment (wage labour) Top Management and Owners Proprietors of Small Business and Farms Unpaid Work

7. Economics for Everyone: Work, Tools & Profit Labour and Value Labour Theory of Value = The prices of producible commodities reflect the total amount of labour required to produce them (indirect and direct labour) Marx criticized the simplified labour theory of value by taking into account profit. Human labour is a necessary component for the production of all goods and services. With highly productive work, surpluses can be created.

8. Economics for Everyone: Work, Tools & Profit Tools People use tools in order to increase productivity and perform functions that defy our natural abilities. Tools are intermediary products that are used to produce final products. Tools depreciate in value over time. Tools are idle without labour power.

9. Economics for Everyone: Work, Tools & Profit Capital Physical Capital = Tools used in work. Capital Investment = Money What kind of capital does Concordia have? Concordia's Budget for 2013

10. Economics for Everyone: Work, Tools & Profit Types of Companies - Corporation - Government Owned - Public Agency - Sole Proprietorship - Publicly Traded Companies All companies have two things in common: 1 – Somebody (or group of people) own them, therefore they are entitled to the profits. 2 – Owners ensure that the company is governed in accordance with their wishes; mainly to increase profits for the owners.

11. Economics for Everyone: Work, Tools & Profit Logic of Profit Richest People in the world OECD Report on Wealth Inequality Who owns the tools needed to produce goods and services? Does owning the means of production entitle people to obtain all the surpluses made by the production process? How do we address financial inequality?