Question
Value-in-use and Value-in-exchange.
| Value-in-use | Value-in-exchange |
| (i) It refers to the usefulness of a commodity. | (i) It refers to the value of a commodity or a service expressed in terms of another commodity. |
| (ii) Value-in-use depends upon utility. | (ii) Value-in-exchange depends upon scarcity. |
| (iii) Free goods like water, air, sunshine, etc. have greater value in use but less value in exchange. | (iii) Economic goods like a diamond, gold, etc. have greater value-in-exchange but less value-in-use. |
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.