Which concept does adam smith use to describe an item sold for exactly the amount if money it cost to produce it

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Hugo Ward

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10 December, 15:38

Which concept does adam smith use to describe an item sold for exactly the amount if money it cost to produce it

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Bryce Kline · Answer 1

It would be the concept of "Labor Theory of Value" that Adam Smith used to describe an item sold for exactly the amount if money it cost to produce it, as opposed to the item being sold at a value that reflected its affect on the user.