COST OF PRODUCTION THEORY OF VALUE

Cost of Production Theory of Value: translation

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

cost of production theory of value UK US noun [S]

► ECONOMICS an economic theory from the 19th century stating that the price or value of something should depend on the cost of producing it

эк. = cost-of-production theory of value