Theory of Value-in-Use

The Theory of Value-in-Use suggests that a product's worth is determined by how useful it is to the person using it, rather than just its market price or exchange value. Essentially, what makes something valuable isn’t just its monetary cost but how well it satisfies a specific need or desire of the individual. For example, a phone's value depends on how well it helps you communicate, work, or entertain, not just its price on a store shelf. This concept emphasizes the personal and practical aspects of value, focusing on usefulness as the key to understanding worth.