Capital-value is the part of the value of a commodity which is equal to the value of the capital used up in producing that commodity. It is the complement of the surplus-value, which is the value of the commodity over and above costs; together, the capital-value and the surplus-value make up the total value of the commodity.
capital-value + surplus-value = commodity-value
Capital-value itself has two components, the values of the constant and variable capital used in producing the commodity. Variable capital represents the labour costs and constant capital the non-labour costs.
c + v + s = a | | where: ----------- | c = constant capital | v = variable capital s = surplus-value capital-value surplus-value a = value of commodity (commodity-value)
`... the sum of the prices, or the sum of the values, of the circulating commodities. It is immaterial in what proportion this sum of values consists of surplus-value on the one hand, and of capital-value on the other.' (Karl Marx, Capital, vol II; p 422 in Progress Publishers, Moscow, 1974 edition.)