All students enrolled in Economic study must be able to define and 'explain' these terms and the Economic LAWS associated with them;
LABOR, WEALTH, WAGES, CAPITAL, INTEREST, POLITICAL ECONOMY as opposed to NATURAL ECONOMY.
They must also know and explain the "LAWS" of DISTRIBUTION, AND RENT, The causes of INTEREST and 'false' interest, the LAWS of WAGES and INTEREST and be able to correlate those LAWS with the LAWS of DISTRIBUTION. They must be able to recognize and explain the true functions of CAPITAL.
These terms and ECONOMIC LAWS represent a minimum of what any first year Economics student would be expected to know and understand.
****Economics may be called the 'dismal science' by economists; but it is science non-the-less****.