The Feudal Society of Matewan :: Stone Mountain Coal Company Economics Essays

The Feudal Society of Matewan The Stone Mountain Coal Company wielded monopoly control over the town of Matewan through a feudal system of economic, cultural, political, and environmental processes. Every person in the town of Matewan came under the power of the company in one way or another. The employees of Stone Mountain were under a bondage contract with the company. Once they came to the company it was impossible to leave and at the same time maintain a basic standard of living. They could not leave also because once they signed on with the company they owed the company a large sum of money for everything ranging from the ticket for the train that brought them to Matewan to the equipment they needed to work there. In this way it was as if they were paying the company to let them work in the mines rather the other way around. They did not have the rights basic to capitalism such as the right to join a union, the right to sell their labor in a labor market to the bidder of their choice, and the rig ht to spend their wage freely. The Stone Mountain Coal Company controlled the processes involving the production, circulation, and distribution of products and services in the town of Matewan. Most of the people in the town were employees of the company and others were in debt to the company through mortgages and loans. Everyone depended on the company for daily necessities such as food and clothing because the company owned the stores in Matewan and because all employees of Matewan were paid in company script which only allowed them to buy in the company stores. Furthermore, their contract said that to buy from any other store would mean immediate discharge from employment. The Stone Mountain Coal company was the only major employer in town. To become self-employed, citizens of Matewan would have needed initial endowments of resources, products and land that were only available at the company's prerogative. The Stone Mountain Coal company kept economic control through political processes which served to punish behavior unfavorable to the company. The company sent in agents from Baldwin-Felts to act as the feudal managers or Knights who intimidated the people and infiltrated the new union.

Geometry: Indifference Curve, Budget Line, Equilibrium of Consumer Essay

Research the Following: 1. Indifference Curve – An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Definition: An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility. Description: Graphically, the indifference curve is drawn as a downward sloping convex to the origin. The graph shows a combination of two goods that the consumer consumes. The above diagram shows the U indifference curve showing bundles of goods A and B. To the consumer, bundle A and B are the same as both of them give him the equal satisfaction. In other words, point A gives as much utility as point B to the individual. The consumer will be satisfied at any point along the curve assuming that other things are constant. 2. Budget Line – A graphical depiction of the various combinations of two selected products that a consumer can afford at specified prices for the products given their particular income level. When a typical business is analyzing a two product budget line, the amounts of the first product are plotted on the horizontal X axis and the amounts of the second product are plotted on the vertical Y axis. -A consumer’s budget line characterizes on a graph the maximum amounts of goods that the consumer can afford. In a two good case, we can think of quantities of good X on the horizontal axis and quantities of good Y on the vertical axis. The term is often used when there are many goods, and without reference to any actual graphs. Example: Rose Bole has only $100 to spend on her two passions in life: buying books and attending movies. If all books cost $5.00 and all movies cost $2.50 (these are simply assumptions to make the problem easier–as is the assumption that only two items are involved in the problem), the graph below  shows the options open to Rose. The budget line is a frontier showing what Rose can attain. 3. Equilibrium of Consumer – Consumer Equilibrium can be explained as the point where a consumer gets the maximum amount of satisfaction from the choice he makes between 2 or more competing products. Any deviation from this point results in less satisfaction. For example, a consumer with limited income may wish to purchase both fruit and vegetables. However, the more fruit he buys, the less vegetable he can purchase and vice versa. The consumer equilibrium point will be a point at which he can purchase enough of each to gain the maximum satisfaction with his purchase decision. Example: The weekly demand and supply schedule for a brand of soft drink at various prices (between 30p and  £1.10p) is shown opposite. Equilibrium As can be seen, this market will be in equilibrium at a price of 60p per soft drink. At this price the demand for drinks by students equals the supply, and the market will clear. 500 drinks will be offered for sale at 60p and 500 will be bought – there will be no excess demand or supply at 60p.

Soc 204 Notes Essay - 3969 Words

Marriage †¢ We learn by â€Å"on-the-job training,† in which being married, allows you to learn about being married †¢ Honeymoon o Egypt ââ€" ª The honeymoon is defined as a brief period of time in which things were beautiful, but it lasted no longer than a month o Meanings: ââ€" ª A trip that many couples take after the wedding ↠ Rapoport [husband wife] described three different types of honeymoons: †¢ Lovers’ Nest – during the honeymoon, the couple was completely absorbed into themselves, as a couple †¢ Perpetuum Mobile – during the honeymoon, the couple travelled a lot†¦show more content†¦degree of happiness, there is a U-shaped phenomena †¢ At the early stages of marriage, before children, and at the later stages of marriage, after children, couples are most happy †¢ However, other factors can contribute to the dip in happiness, such as less family time, jobs, etc. They failed to realize that correlation does not lead to causation ââ€" ª Unit of Political Economy ↠ Politics ( power; economy ( money resources ↠ Looking at the family in terms of who has the power to make decisions about the resources that the family has and/or needs ↠ Blood Wolfe [University of Michigan] †¢ Husbands Wives, about who makes what decisions about family life; written after finishing their survey in the Detroit area about family life †¢ Findings: o Husband’s power is correlated to job, high occupational status income o Wife’s power is correlated to job status [full time power part-time power unemployed power] †¢ â€Å"Resource Theory of Family Power† o Power is related to the resources [primarily occupation wealth] one can provide for theShow MoreRelatedBridgeton Industries: Automotive ComponentFabrication Plant1354 Words   |  6 PagesUniversity of Toronto Department of Economics ECO 204 2010 - 2011 Sayed Ajaz Hussain Lecture 1 Ajaz Hussain. 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