exchange value

What Are The Difficulties Of The Barter System Explain How Money Has Removed These Difficulties?

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What Are The Difficulties Of The Barter System Explain How Money Has Removed These Difficulties? Under barter, it was difficult to determine the rate of exchange between two product, because there was lack of specialization. Money has removed this problem. The value of each good is determined in terms of money on the basic of

What Is Exchange Value Of Labour?

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What Is Exchange Value Of Labour? Marx regards exchange-value as the proportion in which one commodity is exchanged for other commodities. … The value of a good is determined by the socially necessary labour time required to produce the commodity. Marx believed that an understanding of exchange-value was necessary to explain fluctuations in price. What