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Umnica [9.8K]
3 years ago
8

What determines the value of a commodity?

History
2 answers:
leonid [27]3 years ago
6 0
Currency. A commodity value expressed as a price is determined by historical, social and cultural aspects of production and distribution. Karl Marx described price as the money-name for the labour realised in a commodity. A commodity value is dependent on its utility.
Svetach [21]3 years ago
3 0

Answer:

Explanation:

- Income and population

- Costs and technology

- Government policy and producer organisations

- Weather

- Interest rates and the US dollar

- Speculation

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