value


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Value

A measure of worth. Value is generally expressed in monetary terms. For example, the value of a house may be $100,000. Generally, the value of a product depreciates over time, though it sometimes appreciates instead (notably in real estate). How easily one can sell a product for its value helps determine how liquid the product is.

value

the money worth of a PRODUCT or ASSET. Value is measured in terms of the PRICE which buyers are prepared to pay for the product or asset. The amount which they are prepared to pay depends upon the benefits which they expect to derive from consuming or owning the item. See PRICE-QUALITY TRADEOFF, PSYCHOLOGICAL PRICING, VALUE CREATED MODEL, CONSUMER SURPLUS.

value

the money worth of an ASSET or PRODUCT. Early economists such as Adam SMITH and David RICARDO suggested that the value of an asset or product depended upon the amount of LABOUR needed to produce it, while later economists like William JEVONS emphasized that the UTILITY of a product to a consumer determined its value. Nowadays, economists accept that both supply and demand factors are important in determining the value of a product, by establishing a MARKET PRICE for it. See also CONSUMERS’ SURPLUS, VALUE ADDED, PARADOX OF VALUE.

value

The worth of all rights arising from ownership of property.

References in classic literature ?
Money could not tell the value of these chickens to old Mrs.
I must study this question of value," said Sir Charles dubiously, refilling his goblet.
The commerce of this place, and the number of merchants that resort thither from all parts of the world, are above description, and so richly laden are the ships that come hither, that when the Indians would express a thing of inestimable price, they say, "It is of greater value than a ship of Jodda.
In a country like ours, where there are eighty nationalities in the public schools, the telephone has a peculiar value as a part of the national digestive apparatus.
For men will love you in other places to which you may go, and not in Athens only; there are friends of mine in Thessaly, if you like to go to them, who will value and protect you, and no Thessalian will give you any trouble.
Either the value of land, or the number of the people, may serve as a standard.
All that need be remarked on the power to coin money, regulate the value thereof, and of foreign coin, is, that by providing for this last case, the Constitution has supplied a material omission in the articles of Confederation.
Its intrinsic value does not exceed thirty thousand francs.
Astor, passed into the possession of the Northwest Company at about a third of their value.
Oolanga would have been startled had he known and been capable of understanding the real value placed on him, his beauty, his worthiness, by other persons, and compared it with the value in these matters in which he held himself.
For which reason the art of money-getting seems to be chiefly conversant about trade, and the business of it to be able to tell where the greatest profits can be made, being the means of procuring abundance of wealth and possessions: and thus wealth is very often supposed to consist in the quantity of money which any one possesses, as this is the medium by which all trade is conducted and a fortune made, others again regard it as of no value, as being of none by nature, but arbitrarily made so by compact; so that if those who use it should alter their sentiments, it would be worth nothing, as being of no service for any necessary purpose.
This giving is flat usurpation, and therefore when the beneficiary is ungrateful, as all beneficiaries hate all Timons, not at all considering the value of the gift but looking back to the greater store it was taken from,--I rather sympathize with the beneficiary than with the anger of my lord Timon.