adam smith supported three different views of theory of value

(are the followings correct, i will add them to my essay)

1. Labor cost: he supported that everyone must produce his own goods using own labor and exchange the surplus with other goods. In this model of society no capital and no wage labor. The commodities are valued based on hours of labor that needed for the production. Based the above the only input that used to find the cost of a commodity is labor. Smith concludes that labor it is the only factor of production. Also it is easier to determine the price of a good when comparing with other goods

2. Labor Command : the
value of commodities is determined by the quantity of labour that a given commodity can purchase.

3. cost of production (is this the adding up theory of value?)
according to which the value of a commodity is determined by the sum of three natural incomes,that is, natural wages, natural profit and natural rents

Is my answer correct?

The question:
present Adam Smith's theory of value and limitations.

My answer:
Adam Smith supported three different views of theory of value
1. Labor cost: he supported that everyone must produce his own goods using own labor and exchange the surplus with other goods. In this model of society no capital and no wage labor. The commodities are valued based on hours of labor that needed for the production. Based the above the only input that used to find the cost of a commodity is labor. Smith concludes that labor it is the only factor of production. Also it is easier to determine the price of a good when comparing with other goods

2. Labor Command : the
value of commodities is determined by the quantity of labour that a given commodity can purchase.

3. cost of production (is this the adding up theory of value?)
according to which the value of a commodity is determined by the sum of three natural incomes,that is, natural wages, natural profit and natural rents

The explanations you have provided for Adam Smith's views on the theory of value are generally correct. Let me break down each point for you:

1. Labor cost: Adam Smith indeed supported the idea that the value of a commodity is determined by the labor required for its production. In a society where individuals produce their own goods using their own labor, the surplus can be exchanged with other goods. According to Smith, this labor-based model does not involve capital or wage labor. Therefore, the only input used to determine the cost of a commodity is the labor required. Smith concludes that labor is the only factor of production and suggests that it is relatively straightforward to determine the price of a good by comparing it with the labor required to produce other goods.

2. Labor Command: This view proposes that the value of commodities is determined by the quantity of labor that a given commodity can command or purchase. In other words, the more labor a commodity can acquire or trade for, the higher its value. This perspective suggests that the demand for and scarcity of labor play a significant role in determining value.

3. Cost of production: While it is not explicitly referred to as the "adding up theory of value," your explanation aligns with Smith's belief that the value of a commodity is derived from the sum of three natural incomes: natural wages, natural profit, and natural rents. According to Smith, these natural incomes are the rewards for labor, capital, and land respectively. The combination of these factors contributes to the overall cost of production and subsequently influences the value of a commodity.

Incorporating these explanations into your essay will provide a comprehensive understanding of Adam Smith's views on the theory of value.