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Abstract Social Labor: The disappearance of specific types of labor into use-values. The “common factor” of all commodities that equalizes their exchange-values into value. Abstract Labor constitutes value.

Commodity:  An object of consumption or a means of production (an object of productive consumption) produced specifically to exchange for its value. Definite quantities of congealed labor-time, the objective form of exchange-value, the bearer of value. Commodity production forms the basis of the capitalist form of production.

Exchange-Value: The quantitative relation through which use-values of one kind exchange for another. The mode of expression of abstract social labor. Value.

Socially Necessary Labor-Time: The labor-time required to produce any use-value under the conditions of production normal for a given society and with an average degree of skill and intensity of labor prevalent in that society.

Use-Value: 1. The physical properties, qualities, of a commodity that make it useful, and that are realized in use or consumption; the body of the material form of wealth, which in capitalism is expressed as exchange-value. 2. A piece of natural material adapted to human needs by means of a change in its form.

Value: The quantity of abstract social labor congealed in a product of labor; the “common factor” in the exchange-value of commodities. Value is constituted of Abstract Social Labor. 

 

 

 

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