what is the distinction Marx makes between use value value a

what is the distinction Marx makes between use value, value, and exchange value? please explain it in detail

Solution

According to Marx, use value tells us how any product or a commodity satisfies any social need. Any single commodity has a use which is known as its use value. For example, if everybody is to be fed, we need a certain amount of food. Some of the use-values need no effort to get like air, water, sun etc. However, others require some effort to get. There is only a finite limit to any amount of labor that can be used for the production of use-values.

On the other hand, exchange value is the ratio in which any good or a commodity can be exchanged for another good or a commodity. In any developed market, one good emerges to be the primary good in which all other goods express their exchange value. Today this good is known as money.