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1. Capitalism

a. (1 point) Independent farmers in colonial New England would
grow crops to eat or to sell for metal products and other
consumption goods that they could not produce themselves. Show the
circuit of production for these independent commodity
producers.

b. (1 point) What determines how much they work? Is there a
tendency for farmers like this to increase their production?

c. (1 point) Show the circuit of production for a cotton textile
capitalist in Lowell who hires workers for a time to make textiles
for sale. What is his profit? How does the capitalist earn his
profit from a relationship where he pays the workers a fair value
for their time and sells at a fair price?

d. (2 points) What does the capitalist do with his profit? What
determines how much he will produce? Is there a tendency to
increase production in a capitalist economy? What challenges does
this create for a capitalist?