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The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods that can be exchanged. From this analysis came the concepts value in use and value in exchange.
Value theory is the study of values.Also called axiology, it examines the nature, sources, and types of values.It is a branch of philosophy and an interdisciplinary field closely associated with social sciences like economics, sociology, anthropology, and psychology.
Social value is a concept used in the public sector and in philanthropic contexts to cover the net social, environmental and economic benefits of individual and collective actions for which the concepts of economic value or profit are inadequate.
The concept of value, like the concept of prices, is often used in a rather "loose" sense – referring to a cost or expense, a compensation, a yield or return, the valuation of a product, an asset, a service, a lease etc. The language of trade often does not make the social, legal and economic relations involved in trade very explicit.
"Value in use" is the usefulness or utility of a commodity. A classical paradox often comes up when considering this type of value. In a passage of Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations, he discusses the concepts of value in use and value in exchange, and notices how they tend to differ:
A value chain is a progression of activities that a business or firm performs in order to deliver goods and services of value to an end customer.The concept comes from the field of business management and was first described by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.
Value in marketing, also known as customer-perceived value, is the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others. Value may also be expressed as a straightforward relationship between perceived benefits and perceived costs: Value = Benefits - Cost .
In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long run. Business value expands concept of value of the firm beyond economic value (also known as economic profit, economic value added, and shareholder value) to include other forms of value such as employee value, customer value, supplier value ...