Transcriber’s Note: Italics are enclosed in _underscores_. Additional notes will be found near the end of this ebook. The Basic Facts of Economics A COMMON-SENSE PRIMER FOR ADVANCED STUDENTS [Illustration] By LOUIS F. POST [Illustration] _Author’s Edition_ WASHINGTON, D. C. 2513 TWELFTH STREET, N. W. 1927 _Price Fifty Cents_ Copyright, 1927, by LOUIS F. POST PRESS OF COLUMBIAN PRINTING CO., INC. BINDING BY GEO. A. SIMONDS & CO. WASHINGTON, D. C. Accurate Observation and Clarity of Thought are the Prime Requisites of Economic Study PUBLICATION COMMITTEE ANDREW P. CANNING, _Chairman_, Chicago, Ill. JAMES H. BARRY, San Francisco, Calif. GEORGE A. BRIGGS, Los Angeles, Calif. MRS. EDWARD O. BROWN, Chicago, Ill. EDMUND VANCE COOKE, Cleveland, Ohio. STOUGHTON COOLEY, Los Angeles, Calif. OTTO CULLMAN, Chicago, Ill. MRS. ANNA GEORGE DE MILLE, New York City. JAMES H. DILLARD, Charlottesville, Va. ROBERT E. GRAVES, Chicago, Ill. ANGELINE LOESCH GRAVES, Chicago, Ill. WILLIAM C. HARLLEE, Washington, D. C. LEWIS J. JOHNSON, Cambridge, Mass. FENTON LAWSON, Cincinnati, Ohio. WILEY WRIGHT MILLS, Chicago, Ill. C. L. MOULTON, Glen Ellyn, Ill. 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