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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.
Value (economics), a measure of the benefit that may be gained from goods or service Theory of value (economics), the study of the concept of economic value; Value (marketing), the difference between a customer's evaluation of benefits and costs; Value investing, an investment paradigm
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 .
Ethical issues that value may be regarded as a study under ethics, which, in turn, may be grouped as philosophy. Similarly, ethical value may be regarded as a subgroup of a broader field referred to as axiology. Ethical value denotes something's degree of importance, with the aim of determining what action or life is best to do, or at least ...
(In the case where the number of properties is countably infinite, the extrinsic dimension of value, the exposition as well as the mere definition of a specific concept is taken into consideration.) Hartman quantifies this notion by the principle that each property of the thing is worth as much as each other property, depending on the level of ...
In Money and the Mechanism of Exchange (1875), William Stanley Jevons famously analyzed money in terms of four functions: a medium of exchange, a common measure of value (or unit of account), a standard of value (or standard of deferred payment), and a store of value. By 1919, Jevons's four functions of money were summarized in the couplet:
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.