Socially necessary labour time

Socially necessary labor time means the amount of time it takes for workers to make something that people really want to buy. It's important because it helps us figure out how much things should cost. For example, let's say a toy maker makes a toy car in two hours. If other toy makers can make a similar car in the same amount of time, then two hours is the socially necessary labor time for making that toy car. But if a different toy maker can make the same toy car in only one hour, then one hour becomes the new socially necessary labor time for making that type of car. So, the price of a toy car made in two hours should be the same as the price of a toy car made in one hour, but the second toy maker could make more money. Overall, socially necessary labor time helps us understand how people's work and time are valued in the economy.