Part 2

JACKSON H. RALSTON, Palo Alto, Calif.

WALTER I. SWANTON, Washington, D. C.

EDWARD N. VALLANDIGHAM, Chestnut Hill, Mass.

JOHN Z. WHITE, Chicago, Ill.

TABLE OF CONTENTS

PAGE

PREFACE vii

FIRST LESSON--ECONOMICS 1

SECOND LESSON--MONEY 9

THIRD LESSON--TRADE 17

FOURTH LESSON--THE BASIC FACTS 27

FIFTH LESSON--THE PRODUCTIVE PROCESS 40

I. HUMAN FACTORS 42

II. NATURAL RESOURCE FACTORS 50

III. ARTIFICIAL OBJECTS 52

IV. SECONDARY CATEGORIES 56

1--CAPITAL 56

2--TRADE 60

3--UTILITY, VALUE, MONEY, PRICE, BANKS 63

4--BALANCES OF TRADE 67

V. AN ILLUSTRATION OF THE PRODUCTIVE PROCESS 70

SIXTH LESSON--DISTRIBUTION 74

I. WAGES FOR LABOR 75

II. RENT FOR LANDOWNERSHIP 83

III. TRADE 91

IV. MONEY 94

SEVENTH LESSON--REVIEW 97

QUESTIONS FOR SELF-EXAMINATION 101