ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
continuum
|
|
|
production
|
|
|
market economy
|
|
|
consumption
|
Detailed explanation-1: -Exchange value refers to “the power of purchasing other goods which the possession of [an] object conveys” (Smith [1776] 1960, p. 32); in other words, it expresses the relative price of a good in terms of other goods.
Detailed explanation-2: -a use value (or utility); an exchange value, which is the proportion at which a commodity can be exchanged for other commodities; a price (an actual selling price or an imputed ideal price).
Detailed explanation-3: -Examples of a value exchange between a brand and a customer can include: The trading of money for goods or services (a straightforward financial transaction) It may be the consumer sharing information in return for a reward, where we input data and get a service in return (such as Facebook)
Detailed explanation-4: -Production involves the creation of goods and services by using scarce resources. Producers must exchange the income they earn for the scarce resources they need to enable them to produce. Therefore, both parties, producers and consumers, must exchange something they have for something others want.