The replacement value (also called value product) is in Marxism on the basis of bourgeois economists before him, who had described the new value already correct, the newly emerging in the production process value, in economics also called value added. It is created by the application of living labor power of the wage-workers. The value of labor power which is distributed to workers in the form of reward is less than the value that will be produced in total. Wage labor in the production process adds the commodities produced the equivalent of their wages, variable capital v, plus the equivalent of the income of the entrepreneur, the added value of m, add (v m).
Antonym of living labor of wage workers is the constant capital which is only obtained in the production process and transfer it to the goods.