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George has a weekly income (I) of $50,which he uses to purchase doughnuts (D) and coffee (C) .If the price of a doughnut is $1 and the price of coffee is $2.50,his budget constraint can be expressed as:
Exchange Value
The value of a good or service determined by what it can be traded or exchanged for in the market, influenced by supply and demand dynamics.
Use Value
The practical utility or usefulness of a commodity or service to meet human needs.
Fetishism of Commodities
A concept in Marxist theory referring to the perception of the social relationships involved in production, not as relationships among people, but as economic relationships among the money and commodities exchanged in the market.
Capitalism
An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.
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