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It has an exchange value, meaning that a commodity can be traded for other commodities, and thus give its owner the benefit of others' labor (the labor done to produce the purchased commodity). [10] Price is then the monetary expression of exchange-value, but exchange value could also be expressed as a direct trading ratio between two ...
The simplest definition of socially necessary labour time is the amount of labour time performed by a worker of average skill and productivity, working with tools of the average productive potential, to produce a given commodity. This is an "average unit labour-cost", measured in working hours.
For Marx, exchange-value is not identical to the money price of a commodity. Actual money prices (or even equilibrium prices) will only ever roughly correspond to exchange-values. The relationship between exchange-value and price is analogous to the relationship between the exact measured temperature of a room and the everyday awareness of that ...
That is largely a matter of cost-prices, profit margins and sales turnover. If we find that the distribution of sale-prices for a given type of commodity converges on a particular normal price-level, then, Marx argues, the real reason is, that only at that price-level the commodity can be supplied at an acceptable or normal profit. [citation ...
Chapter 17, "Government Price-Fixing", discusses the effects of the government's attempts to keep the prices of commodities below their natural market levels. [3] The author argues that these attempts lead to an increase in demand and a reduction in supply, causing a shortage of that commodity.
The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name ) other than price.
Normally there is an inverse relationship between the price of the commodity and its quantity demanded. It implies that the lower the price of the commodity, the larger is the quantity demanded and the higher the price, the lesser is the quantity demanded. [4] This negative relationship is embodied in the downward slope of the consumer demand ...
That interpretation is proved by the possibility of a person's possessing religious faith, whilst being aware of the psychology of commodity fetishism, and thus being critical of the fetishization of money and merchandise, thus, a person's disbelief in the golden calf is integral to the person's iconoclasm against the idolatry of money. [45]