The cost-of-production theory of value is an economic theory that suggests the value of a commodity is determined by the sum of the costs of the resources used to produce it. There are several synonyms for this theory such as the labor theory of value, the input-output theory of value, and the cost theory of value. These all share the common belief that the value of a product is determined by the amount of labor or resources put into producing it. The cost-of-production theory of value has been debated among economists for decades, with some arguing that other factors such as demand and scarcity play a bigger role in determining value.