use value
The concept of 'use value' is central to Marxist economics, distinguishing the inherent usefulness of a commodity from its market value.
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Definition
C1Economics
(academic, technical)The practical usefulness of an object that fulfills a human need or want.
Example
- The use value of a chair lies in its ability to provide a place to sit.
C1Marxist Economics
(academic, technical)The inherent utility of a good or service, distinct from its market price.
Example
- In Marxist theory, the use value of bread is its capacity to satisfy hunger.
Similar
Terms that have similar or relatively close meanings to "use value":
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