Demand, Margin of Cultivation, Cost of Production, Value of Money, Cost of Labor, Wealth, and
- Explain the following terms: Real Wages, Fixed Capital, Allowance System, Margin of Cultivation, Price, Demand, Medium of Exchange, Seignorage, Value of Money, and Bill of Exchange.
- Define Supply, Value of Money, Productive Consumption, Cost of Production, Cost of Labor, Exchange Value, Law of Production from Land, Rate of Profit, Capital, and Gresham's Law.
- Define Political Economy: State the parts into which it may be divided, and show how they are mutually related.
Labor.
- Distinguish between direct and indirect labor, and give an illustration of the distinction.
- Apply the distinction between productive and unproductive