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INTRODUCTION TO ECONOMICSCHAPTER ITHE NATURE OF ECONOMIC SCIENCE1. The desire for wealth has in all ages been one of the principal motives of human action.From the earliest time of which we have record a great part of the activity of man has been occupied with the production or acquisition of wealth - material objects and personal services upon the...
INTRODUCTION TO ECONOMICSCHAPTER ITHE NATURE OF ECONOMIC SCIENCE1. The desire for wealth has in all ages been one of the principal motives of human action.From the earliest time of which we have record a great part of the activity of man has been occupied with the production or acquisition of wealth - material objects and personal services upon the control of which human welfare depends, or seems to depend. In the long ages of savagery and barbarism primitive man was engaged in a ceaseless struggle with nature for the bare means of existence - food, clothing, and shelter. Limited as were the supplies afforded by nature, a savage tribe never long enjoyed them in peace; other tribes coveted the hunting grounds, or the bays where shellfish abounded; the rich pastures, or the groves of fruit-bearing trees. Hence the difficulty of obtaining from nature the means of subsistence was aggravated by constant warfare between tribe and tribe. A struggle for mere existence against nature aTable of Contents CONTENTS; Chapter I The Nature of Economic Science i; i Significance of the desire for wealth, i - 2 The desire for wealth not altogether a selfish motive, 3 - 3 Definition of wealth, 4 - 4 Human services as wealth, 4 - 5 Objects of desire that are not wealth, 5 -6, Present and future wants in their relation to wealth, 6 - 7 Value the common characteristic of all forms of wealth, 6 - 8 Definition of economics, 7 - 9 Economic significance of the laws governing human wants, 8 - 10 The production of wealth, 8 - 11 The distribution of wealth, 9 12, The practical objects of economic science,; 9 - 13 The relations of economics and politics, 10 - 14 Economics as a developing science, 12 - 15 The exchange economy, 12 - 16 Competition, 14; - 17 Restrictions upon competition, 16 - 18 Economic classes, 16 - 19 Significance of the laws of price, 18 - 20 Summary, 19; Chapter II Utility, Value
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