Y6

The central theme most of this course was to use various principles to explain how the price of various items are determined and why those prices are important. In section 2, the firm is a seller of products and we used models to explain the price of various items firms produce and sell. In section 3, the firm is a buyer of inputs such as labor and we use models to explain the price of various inputs firms purchase and use [For example the wages of the labor they use] or the price of the funds they use to acquire capital goods. Casual observation indicates there are many different prices and wages, meaning some prices and wages are high and some prices and wages are low. 1. Are these prices and ]wages fair? 2. Before you respond, what do you mean by the word fair? 3. Does the definition of fair depend on the viewpoint of the individual that uses the term