USE VALUE Meaning and
Definition
-
Use value refers to the practical or functional worth of a commodity or good, which is derived from its ability to satisfy human needs or fulfill a particular purpose. It is a concept in economics that measures the usefulness of a product in meeting people's needs or desires. Use value is subjective and varies from person to person, as it depends on individual preferences, tastes, and the specific context in which the item is being used.
Unlike exchange value, which represents the economic or market worth of a commodity, use value is concerned with the utility and practicality it provides. For example, a shovel has a use value as it serves the purpose of digging or moving soil. Similarly, a laptop has a use value as it enables individuals to perform various tasks like work, research, or entertainment.
The use value of a product is not primarily influenced by its monetary value or market price, but rather by the satisfaction it brings to consumers based on the needs it fulfills. In other words, use value measures the worth of a product based on its usefulness, quality, and functionality rather than its exchange or resale value.
In summary, use value is the inherent worth or utility of a commodity that stems from its ability to satisfy human needs or serve a specific purpose. It is an important concept in economics to understand consumer preferences and their decision-making processes related to the acquisition and utilization of goods and services.
Common Misspellings for USE VALUE
- use-valee
- se value
- yse value
- hse value
- jse value
- ise value
- 8se value
- 7se value
- uae value
- uze value
- uxe value
- ude value
- uee value
- uwe value
- usw value
- uss value
- usd value
- usr value
- us4 value
- us3 value
Etymology of USE VALUE
The term "use value" is derived from the wider concept of "value" in economics. The word "value" originates from the Latin word "valere", which means "to be strong, be worth". In classical economics, "value" refers to the measure of worth or utility that a good or service possesses.
The concept of "use value" specifically originated within Marxist economics. Karl Marx used the German term "Gebrauchswert" to describe the usefulness or utility of a commodity, which is often translated as "use value". According to Marx, use value represents the intrinsic qualities or characteristics of a commodity that satisfy human needs or desires.
Marx developed the concept of "use value" to distinguish it from "exchange value". While use value represents the usefulness of a commodity, exchange value refers to the value of a commodity in terms of its exchange or marketability.
Infographic
Add the infographic to your website:
