Value (Economics)
Return to Values. See also variables, Value (mathematics)
- Snippet from Wikipedia: Value (economics)
In economics, economic value or simply value is a measure of the benefit provided by a good or service to an economic agent. Value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a person is willing and able to pay for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. Among the competing schools of economic theory there are differing theories of value.