80 

 Utility. — Total Utility, Marginal or Final Utility. 



Value. — Price, Exchange Value, Money Value, Unit of Value, 

 or Ratio or Measure of Exchange, Economic Price, Present 

 Value, Deferred Value, Capital Value, Annual Value. 



Bent. — Ground Bent, Building Bent, Producer's Bent, Ability 

 Bent, Wages-earner's Bent, Economic Bent, Quasi-Bent. 



Price. — Economic Price, Equilibrium Price, Monopoly Price, 

 Esau Price, Fancy Price, Famine Price, Bobbery or 

 Violence Price, the Price of Honour or Virtue, Final 

 Marc/in of Purchasing Price. 



"Wages. — Nominal or Money Wages, Beat Wages, or Purchasing 

 Power. 



The greater precisiou which the use of these specific terms, 

 as defined by Economists, affords in discussion is invaluable, 

 and has been the means of clearing up many difficulties. 



Notwithstanding the advantages which improved nomen- 

 clature have gained for us, there are several important ques- 

 tions regarding which there still exists many conflicting 

 opinions. One of these questions, upon which many contro- 

 versies hang, is " The Primary Law which regulates and 

 determines the ratios which Economic Commodities and Ser- 

 vices exchange with each other;" in other words, "The 

 Primary Law of Price or Value." This is the subject which 

 I have selected for my discourse this evening, and although 

 in the short space which I have at my disposal I can only 

 touch upon the leading features of the question, I hope, by 

 the aid of statistical data and other illustrations, to demon- 

 strate the truth of the assertion which I have ven- 

 tured to mate at the beginning of this paper, viz., 

 "that economic cost of production — not the illusive and 

 indefinite something called the ratio of demand and 

 supply — is the primary law which regulates and determines 

 the respective ratios and prices at which the precious metals 

 and all other commodities and services exchange with each 

 other." 



But first it may be useful to inquire : 



How Does the Gebm oe Economic Peice oe Value 



Aeise ? 

 At this stage we may with advantage postpone the 

 consideration of the causes which determine the exact 

 exchange ratios or prices of services and commodities, and 

 confine our attention to the investigation of the origin of 

 the initial element of price or value per se, irrespective of 

 amount or ratio. 



