Simple commodity production

Simple commodity production (German: einfache Warenproduktion, also translated as petty commodity production), is a term coined by Friedrich Engels in 1894 when he had compiled and edited the third volume of Marx's Capital. It refers to productive activities under the conditions of what Karl Marx had called the "simple exchange" or "simple circulation" of commodities, where independent producers trade their own products to obtain other products of (approximately) equivalent value.

Source: Wikipedia — Simple commodity production (CC BY-SA 4.0)