ABSTRACT
A concept should be defined as precisely as possible to avoid any confusion and gap in our communications. Psychology deals with individual human behaviour. However, society is more than a collection of individuals. Social behaviour has its own dynamics. Individuals enter into certain definite and somewhat enduring relations among themselves. Political Economy/Economics is a social science. Subject matter of economics deals with production and distribution of goods and services, which people need and want. The methodology evolved by Marx is perhaps his greatest contribution, along with his study of capitalism. The relation between wage labour and capital determines the entire character of the mode of production. Theory of Value in Economics is a theory which was formulated to explain why a ‘good’ has a value. Goods produced for exchange with other producers are called commodities. A commodity is anything that is produced for exchange rather than for the own use of the producer.
