Share This Article:

Economic Definition of value. Defined.

Offline Version: PDF

Term value Definition: Quite simply, this is the amount of consumer satisfaction directly or indirectly obtained from a good. service, or resource. The more a good satisfies a person's want or need, then the more valuable it is to that person. Furthermore, different people are likely to place different values on a good. Resources are valuable to the degree that they are used to produce stuff that consumers want. The bottom line is that value, like beauty, is truly in the eye of the beholder.

 

« utility measurement | value added »

Permalink: http://glossary.econguru.com/economic-term/value

Alphabetical Reference to Over 2,000 Economic Terms