Production is a socially defined activity. An object, which is produced is considered as a product only if it is determined as valuable by society. To be termed as valuable, the product must have 'value in use' and 'value in exchange'. The value of a product differs from society to society depending largely on the culture of the particular society. But with the the globalization, markets are getting integrated leading to the variance in the value of products in all the societies involved.
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