Law of value
The Law of Value is a basic law of economics. It says that the value or worth of something is determined by how much people are willing to pay for it. So if something is really useful or useful to a lot of people, it will be worth more money. For example, if lots of people want a new computer, the price of that computer will go up because people are willing to pay more for it. So the Law of Value is a way to explain why things cost what they do.
Related topics others have asked about:
Abstract labour and concrete labour,
Cambridge capital controversy,
Capital accumulation,
Cost-of-production theory of value,
Criticisms of the labour theory of value,
Critique of political economy,
Marxian economics,
Primitive accumulation of capital,
Socially necessary labour time,
Use value,
Valorisation,
Value-form