22 lines
628 B
Markdown
22 lines
628 B
Markdown
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<!-- generated: provider=openrouter model=arcee-ai/trinity-large-preview:free date=2026-02-19 source=book-1-chapter-04 -->
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# Value in Use
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## Definition
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The utility or usefulness of a commodity to satisfy human wants or needs, which may bear little relationship to its power to command other goods in exchange.
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## Source Chapter
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Book I, Chapter 4
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## Context
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Smith introduces this concept as the first of two meanings of "value," establishing that usefulness alone does not determine exchange value, as demonstrated by water's high utility but low exchange value compared to diamonds.
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## Economic Domain
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Consumption
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---
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