What is another word for labor theory of value?
Pronunciation: [lˈe͡ɪbə θˈi͡əɹi ɒv vˈaljuː] (IPA) 
The labor theory of value is a central concept in Marxist economics. It suggests that the value of a product or service is based on the amount of labor that goes into producing it. There are several synonyms for this theory, including the labor value theory, the theory of labor value, and the theory of value. These terms all refer to the same idea that the value of a good is determined by the amount of labor necessary to produce it. Other related concepts include the theory of surplus value and the law of value, both of which are closely associated with the labor theory of value and are also commonly used in discussions of Marxist economics.
