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# Component Parts of Price

## Definition

The three fundamental elements that constitute the price of commodities: wages of labour, profit of stock, and rent of land. These represent the distinct claims that labour, capital, and land each have on the value created by economic activity.

## Source Chapter

Book I, Chapter 6

## Context

The central thesis of this chapter, which argues that every commodity's price ultimately resolves into these three components. Smith examines how these parts emerge from different economic conditions and how they relate to the distribution of wealth in society.

## Economic Domain

Distribution

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