Economic value is a measure of the benefit that an economic actor can gain from either a good or service. It is generally measured relative to units of currency, and the interpretation is therefore “what is the maximum amount of money a specific actor is willing and able to pay for the good or service”? Note that economic value is *not* the same as market price. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price.
Join Our Newsletter
- 3,322,870 all-time readers
- 10 Mistakes Leaders Make (And How to Avoid Them) November 21, 2019
- 11 Amazing Examples of Disruptive Technology
- Workplace Culture: How to Encourage Collaboration
- What Is Social Marketing? And How Does It Work?
- 17 Great Examples of Effective Leadership and Strategy
- Grant Cardone Shares His Principles for Life & Success (Exclusive Interview)
- 6 Key Attitudes and Behaviors of Successful Leaders
- 43 of Britain's Oldest Companies, From Rolls-Royce to Burberry, Still in Business After 100-Years
- The Distinction Between Leadership and Supervision
- Five Fundamental Principles From Adam Grant's "Give and Take" Book