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soc.docxRunning head: READING RESPONSE EXERCISE 1
READING RESPONSE EXERCISE 2
Reading Response Exercise
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Reading Response Exercise
The interpretation of the word commodity is particularly for an economic good or services in that the demand for it has no qualitative use and differentiation in the market. Marx is trying to put out the commodity can be used in various ways in order to satisfy the human wants. He further says that a commodity can mostly be external to satisfy the human needs. Capital is the process taking in a place over a certain time. It can be converted to commodities then to capital again. Marx says that the capital has to be in motion all the time in order to increase the value and preserve it. An equation 1 quarter of corn = x signifies that the commodity of identical magnitude exists in two or more different things such that a quarter of corn is similarly as the x of iron. Both are therefore equal and can be distinguished by a third thing that needs to be reducible.
He branches the commodity as two different types. It can be in form of quality or quantity. The quality side is recognized as the form of service offered that is mostly imaginary in order to produce quality work. Quantity is regarded as the socially recognized standards of measurements that produce useful objects. Physical properties of the commodity show that they have no existence in the air. This property makes it independent of the amount of labor. He uses other various terms to describe the terms to describe the commodity. Firstly, he uses the use-value of a certain thing. This is the physical body of the commodity itself and the appropriate labor in order to get the required useful quality value.
Use-values are mostly virtual and are only realized when they are in use. Exchange value is another term. This appears to be the qualitative relation and use the use-value of another kind. Exchange value implies that the commodity to be exchange with another, it has equal use-value and has the same magnitude. Common elements are found not to be having physical, chemical and any other nature property of the commodity. The properties make the commodity more useful. One use-value is always enough as the other provided there is presence of the appropriate commodity.
Residues of the products of labor are human labor power that is expended without any regard of its expenditure. It shows that human labor is used to produce them and still the same human labor is accumulated in them. The quantity of human labor can be measured by duration that is, hours and days. If the value of the commodity is determined by the quantity of labor applied, it can be said that the more the invaluable the more the unskillful and lazy the work is to produce it. The level of labor that forms the substance can be equal to the identical human power.
Magnitude can also be used to determine the commodity value. The amount of labor necessary is the same amount necessary for its production. Commodities of different types can have the same value. In addition, one may consider the value of the commodity and the time taken to produce the commodity.
