economic value

Economic value refers to the worth of a good or service based on the benefits it provides to individuals or society. It is determined by how much people are willing to pay for it or the usefulness it offers in improving their lives. Essentially, it measures the importance or desirability of something in monetary terms, helping to guide decisions about production, consumption, and resource allocation. Economic value reflects both the actual usefulness of a product and its perceived importance, playing a key role in how markets function and how resources are prioritized.