Basic Concepts in Economics — Economics STD 11 Commerce / Arts — Question
Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsEconomicsBasic Concepts in Economics4 Marks
Question
Value-in-use and Value-in-exchange are the same.
✓
Answer
No, I do not agree with the statement.
Value-in-use refers to the usefulness of a commodity. Air, Water, Sunshine, etc. have high value in use.
They are basically free goods.
Value in exchange means the value of a commodity expressed in terms of money that is the price of a commodity.
E.g. Car, T.V., computers, etc., have value-in-exchange as they command a price. They are called economic goods. Thus, value in use and value in exchange is not the same.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.