Posted on 11 December 2017
Economic value is a measure of the benefit that an economic actor can gain from either a good or service. It is generally measured relative to units of currency, and the interpretation is therefore “what is the maximum amount of money a specific actor is willing and able to pay for the good or service”? Note that economic value is *not* the same as market price. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price.