Use Value:
Use value refers to the intrinsic value or usefulness of a commodity or a product. It represents the satisfaction or utility that an individual derives from consuming or using a particular item. Use value is subjective and varies from person to person based on their individual needs, preferences, and desires. It is primarily determined by the qualities and characteristics of the product itself.

Exchange Value:
Exchange value, on the other hand, refers to the value of a commodity in terms of its ability to be exchanged for another commodity or for money in a market. It is the quantitative relationship between different commodities that determines their exchangeability. Exchange value is objective and can be measured in terms of the labor time required to produce a particular commodity or based on its market price.

Differences:

1. Nature:
- Use value is the qualitative aspect of a commodity that represents its ability to satisfy human needs and wants.
- Exchange value is the quantitative aspect of a commodity that determines its worth in terms of its exchangeability in the market.

2. Subjectivity vs Objectivity:
- Use value is subjective and varies from person to person based on their individual preferences and needs.
- Exchange value is objective and can be measured or determined by market forces such as supply and demand or the amount of labor required to produce a commodity.

3. Determinants:
- Use value is primarily determined by the characteristics and qualities of the product itself.
- Exchange value is determined by market dynamics, including supply and demand, production costs, and competition.

4. Measurement:
- Use value is difficult to measure precisely as it is subjective and varies from person to person.
- Exchange value can be measured in terms of the market price or the labor time required to produce a commodity.

5. Role in the Market:
- Use value is crucial for individual consumers as it represents the satisfaction they derive from consuming a product.
- Exchange value is essential for producers and traders as it determines the profitability and marketability of a commodity.

In summary, use value and exchange value are two distinct concepts in economics. Use value refers to the subjective utility or satisfaction derived from a commodity, while exchange value represents the objective worth or value of a commodity in terms of its exchangeability in the market.