Definition of use value and exchange value
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Use value or value in use is the utility of consuming a good—the want-satisfying power of a good or service in classical political economy.
Exchange Value:
The quantified worth of one good or service expressed in terms of the worth of another. For example, in the business of foreign exchange, the value of each currency is expressed in terms of the value of another currency. This creates an exchange value or exchange rate for each major currency relative to a benchmark currency like the U.S. Dollar.
Exchange Value:
The quantified worth of one good or service expressed in terms of the worth of another. For example, in the business of foreign exchange, the value of each currency is expressed in terms of the value of another currency. This creates an exchange value or exchange rate for each major currency relative to a benchmark currency like the U.S. Dollar.
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