Question

Distinguish between value and price.

Answer 1

Basis of Distinction	Value	Price
1. Nature of the concept	Value is a real concept.	Price is a money concept.
2. Exchange value	The exchange value of one commodity is measured in terms of another commodity.	Price is the exchange value of a unit of a commodity or service measured in terms of money.
3. Expression	Value of a commodity is expressed as the ratio of exchanges between two commodities.	Price is expressed as the money value of a commodity.
4. Relation	Value is related to any quantity of other commodities.	Price is always determined per unit of a commodity.