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The simplest definition of socially necessary labour time is the amount of labour time performed by a worker of average skill and productivity, working with tools of the average productive potential, to produce a given commodity. This is an "average unit labour-cost", measured in working hours.
A price system may be either a regulated price system (such as a fixed price system) where prices are administered by an authority, or it may be a free price system (such as a market system) where prices are left to float "freely" as determined by supply and demand without the intervention of an authority. A mixed price system involves a ...
Labor geography is a sub-discipline of human geography and economic geography that deals with the spatial relationships and geographic trends within labor and political systems. See also [ edit ]
Labor market segmentation is the division of the labor market according to a principle such as occupation, geography and industry. [ 1 ] One type of segmentation is to define groups "with little or no crossover capability", such that members of one segment cannot easily join another segment. [ 2 ]
[4] [5] Including these indirect labour components, sometimes described as "dead labour," [6] provides the "real price," or "natural price" of a commodity. However, Adam Smith 's version of labor value does not implicate the role of past labor in the commodity itself or in the tools (capital) required to produce it.
A labour theory of value can be understood as a theory that argues that economic value is determined by the amount of socially necessary labour time while a subjective theory of value derives economic value from subjective preferences, usually by specifying a utility function in accordance with utilitarian philosophy.
In general business, price analysis is the process of evaluating a proposed price independent of cost and profit. [1] [2] Price analysis began in 1939 when economist Andrew Court decided to analyze prices to better understand the environmental factors that influence this practice. [3]
Price theory is a field of economics that uses the supply and demand framework to explain and predict human behavior. It is associated with the Chicago School of Economics. Price theory studies competitive equilibrium in markets to yield testable hypotheses that can be rejected. Price theory is not the same as microeconomics.