ICSE Class 9 Answered
Define
the following terms:
Value
Price
Asked by Topperlearning User | 15 Apr, 2015, 02:15: PM
Expert Answer
- Value actually means the utility of a commodity. However, in economics it is explained in two senses: value-in-use and value-in-exchange. Value-in-use means the satisfaction obtained from a commodity. Value-in-exchange means the amount of goods and services that can be obtained from the market in exchange of a particular thing.
- Price is defined as the amount of money required to buy a specific unit of a commodity. It does not depend on time and place.
Answered by | 15 Apr, 2015, 04:15: PM