This question <196|206> overall <203|205> Ben: <50|205>. graded A–

Question 54: The use-value of a commodity is the utility one gets from using it; the exchange-value is the utility one gets from using those things one can trade the commodity for. Right or wrong?

[204] Ben: Wrong.   Even though the definition of use-value is correct the definition of exchange value is incorrect. Exchange value is the value of the commodity when being exchanged for other commodities. If you are getting utility from using a commodity that would just be use value all over again. But, exchange value is the value of someone wanting what you have and that usefulness to them not the use itself. In response to the question Right handed scissors jazz tickets would have a higher exchange value than scissors because society has said jazz tickets have a higher exchange value.

Hans: That's a good way to think of it: society decides the exchange-value, while individuals decise the use-value.

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