value in use

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Use Value

The satisfaction derived from a commodity. That is, use value is the ability of a commodity to extinguish a want. The concept dates at least to Aristotle, but is used most commonly in Marxist economics. It is analogous to utility in neoclassical economics. It differs from exchange value in that use value measures quality while exchange value measures quantity.

value in use

The worth of a property as it is currently being used. A convenience store allowed to remain in business in a zoning area that no longer allows convenience stores has a high value in use because there can be no nearby competition. A house on the side of a major street in a retail area would have a value in use much lower than its highest and best use as a retail site.

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