Answer to Question #53079 in Other Economics for candy
process of extended reproduction in the circulation of commodities (from C-M-C to eventually
M-C-M’). Explain the component parts of value (c,v,s) and the rate of surplus value. What
determines the rate of surplus value?
Marx employed a labour theory of value, which holds that the value of a commodity is the socially necessary labour time invested in it. In this model, capitalists do not pay workers the full value of the commodities they produce; rather, they compensate the worker for the necessary labor only.
The worth of a commodity can be conceived of in two different ways, which Marx calls use-value and value. A commodity's use-value is its usefulness for fulfilling some practical purpose; for example, the use-value of a piece of food is that it provides nourishment and pleasurable taste; the use value of a hammer, that it can drive nails.
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