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Explain the following terms: use value, exchange value, value of labor power, constant capital, socially necessary labor time (SNLT) and labor value of a commodity. How does Marx derive the role of money in a commodity exchange economy?

Use value of a good or service is created by all societies, capitalist and non-capitalist. The use values of such are not specifically measurable in a numerical sense; it is the level of demand by a community, or social necessity for certain goods or services. Unique to capitalist production is the exchange value of goods or services. The exchange value is the value of a good or service compared to another good or service. Understanding use value and exchange value broadly defines two kinds of economies - subsistence economies and surplus producing economies. Subsistence economies are concerned with meeting needs for social good while surplus-producing economies are concerned with meeting social needs (real or perceived) and creating excess......

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Approximate Word Count: 1631
Approximate Pages: 7 (250 words per double-spaced page)

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