Description
Summary of Adam Smith's Wealth of Nations: Book 1, Chapter 6 - (Of the Component Parts of the Price of Commodities)
In this chapter Smith breaks down the parts of price and how they are built, and at what point they resolve themselves into straight up labor. These are wages for the laborer, profit for the investor and rent for the landlord.
Previous Chapter - Real Value:
http://www.youtube.com/watch?v=o4I9ghX5P3A
Full 'Wealth of Nations' playlist:
http://www.youtube.com/playlist?list=PLNVsC9QleZsFZoPwyac0xqUNIf6RV3JLr
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