Cost of Production Theory of Value
- Cost of Production Theory of Value
Cost of Production Theory of Value ˌCost 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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cost of production theory of value UK US noun [S]
► ECONOMICS
Financial and business terms.
2012.
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