Question

_________ refers to the creation of those goods

and services which have exchange value.​

Answer 1

Answer:

In political economy and especially Marxian economics, exchange value (German: Tauschwert) refers to one of four major attributes of a commodity, i.e., an item or service produced for, and sold on the market. The other three aspects are use value, economic value, and price.[1] Thus, a commodity has:

a value (note the link is to a non-Marxian definition of value);

a use value (or utility);

an exchange value, which is the proportion at which a commodity can be exchanged for other commodities;

a price (it could be an actual selling price or an imputed ideal price).

These four concepts have a very long history in human thought, from Aristotle to David Ricardo,[2] becoming ever more clearly distinguished as the development of commercial trade progressed but have largely disappeared as four distinct concepts in modern economics. This entry focuses on Marx's summation of the results of economic thought about exchange-value.

Answer 2

"Commodities refer to the creation of those goods and services which have exchange value".

• Commodities in economics are goods and services which are scarce and command prices.

• Economic commodities have a price because they are useful as well as scarce in their availability.

• Economic commodities are useful that is why they are demanded by the people.

• Economic commodities are scarce which is why the sellers are prepared to sell them at a price for their profit.

• Prices of commodities in a free enterprise economy are determined by the interaction of forces of demand and supply.

• Demand refers to both the desire to purchase and the ability to pay for a commodity.

• Supply is the desired quantity of a commodity that the producers or sellers are willing to produce and sell at various prices.

#SPJ3