English version

Cost of Production Theory of Value

From Longman Business Dictionary
Related topics: Economics
Cost of Production Theory of ValueˌCost of Proˌduction ˌTheory of ˈValue noun [singular] ECONOMICS a 19th-century economic idea, saying that the value or price of something depends only upon the cost of making or growing it. This idea is now seen as too simple, especially because it does not take into consideration supply and demand
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