1.

State with reasons whether you agree or disagree with the statements:Value-in-use and Value-in-exchange are the same.

Answer»

No, I do not agree with the statement.

  • Value-in-use refers to the usefulness of a commodity. Air, Water, Sunshine, etc. have high value in use.
  • They are basically free goods. 
  • Value in exchange means the value of a commodity expressed in money that is the price of a commodity. 
  • E.g. Car, T.V., computers, etc., have value-in-exchange as they command a price. They are called economic goods. Thus, value in use and value in exchange is not the same. terms of


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