|1.||Marx maintains throughout his work a sociological point of view, and discusses production only under the social conditions of capitalism.|
|2.||An object is a commodity and has exchange-value only when it possesses social utility.|
|3.||The relative exchange-values of commodities are determined by the average amount of socially necessary human labor needed to reproduce them at a given time and place.|
|4.||The price of a commodity fluctuates about its value in response to the interaction of supply and demand.|
|5.||There is no essential difference between the marginal utility theory of value and the supply and demand theory; and the Marxian theory definitely includes all the important features of other theories of value.|
|1.||How does Marx define Labor?|
|2.||What are the limits of Marx's study of economic production?|
|3.||What is a commodity?|
|4.||What, according to Marx, determines relative exchange-value?|
|5.||How does this position compare with the view of Petty? Of Adam Smith? Of Ricardo? Of J. S. Mill?|
|6.||How are unique values determined?|
|7.||Explain how the labor theory can be applied to the determination of the value of diamonds?|
|8.||Explain the concept of abstract labor.|
|9.||What is meant by price? How is it determined?|
|10.||What is the difference between price and value?|
Boudin L. B., The Theoretical System of Karl Marx.
Deville G., The People's Marx.
Hyndman H. M., The Economics of Socialism.
Marx, Karl, Capital (especially Vol. I.). A Contribution to the Critique of Political Economy. Wage Labor and Capital. Value, Price and Profit.
Spargo John, Socialism, a Summary and Interpretation of Socialist Principles, Chap. VII and VIII.