Knowee
Questions
Features
Study Tools

A theory of value is any economic theory attempts to explain …..............a.the exchange valueb.worshipc.ideologyd.innovation

Question

A theory of value is any economic theory attempts to explain ...

a. the exchange value
b. worship
c. ideology
d. innovation

🧐 Not the exact question you are looking for?Go ask a question

Solution

The correct answer is a. the exchange value.

A theory of value in economics primarily seeks to explain how the value of goods and services is determined, particularly in terms of exchange. Exchange value refers to the worth of a good or service expressed in terms of another good or service. This concept is essential to understanding market dynamics, pricing mechanisms, and trade. Economists have developed various theories, including the labor theory of value, which argues that a good's value is determined by the labor required for its production, or subjective theory of value, which posits that value is determined by individual preferences and the utility derived from a good. The focus on the exchange value highlights the importance of market interactions and consumer behavior in determining economic value.

This problem has been solved

Similar Questions

A value is important to a society because it is:

Exchange Theory is based upon the idea that individuals and groups act to maximize rewards and minimize costs. True False

Value CreationWhich of the following is a driver for creating value for consumers?Logistics Finance MarketingSales

‘Adding value to resources’ is one of the main activities of business. Explain.

Which factor plays a role in establishing the value of a country’s currency?a. the attractiveness of the currency designb. the location of the countryc. supply and demandd. distance between countries

1/1

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.