In precapitalist forms of commerce, where goods are bought in one place at a certain price and then sold at another site for a profit, the commodity has what economists call ______ value.

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Exchange value refers to the value that a commodity holds in the market, which allows it to be traded for other goods or services. In precapitalist commerce, the profit made by buying goods at one price and selling them at a higher price in another location is derived from their exchange value.

In Precapitalist Forms of Commerce, Where Goods Are Bought in One