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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The word value is ambiguous in that it is both a verb and a noun, as well as denoting both a criterion of judgment itself and the result of applying a criterion. [ 3 ] [ 4 ] : 37–44 To reduce ambiguity, throughout this article the noun value names a criterion of judgment, as opposed to valuation which is an object that is judged valuable.
In ethics, intrinsic value is a property of anything that is valuable on its own. Intrinsic value is in contrast to instrumental value (also known as extrinsic value), which is a property of anything that derives its value from a relation to another intrinsically valuable thing. [1]
Value for money is often expressed in comparative terms, such as "better", or "best value for money", [1] but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. [2] Among the competing schools of economic theory there are differing theories of value.
An intrinsically valuable thing is worth for itself, not as a means to something else. It is giving value intrinsic and extrinsic properties . An ethic good with instrumental value may be termed an ethic mean , and an ethic good with intrinsic value may be termed an end-in-itself .
A store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.
An unpaired word is one that, according to the usual rules of the language, would appear to have a related word but does not. [1] Such words usually have a prefix or suffix that would imply that there is an antonym , with the prefix or suffix being absent or opposite.
The terms value theory and axiology are usually used as synonyms but some philosophers distinguish between them. According to one characterization, axiology is a subfield of value theory that limits itself to theories about what things are valuable and how valuable they are. [9] [a] The term timology is an older and less common synonym. [11]