Definition

1. Noun:
   • The monetary worth or market price of a good, service, or asset: "Economic value" refers to the amount of money, goods, or services that is considered a fair and equivalent exchange for something else in a market context. It is a measure of the benefit provided by an item or service to an economic agent.

Usage

• "Economic value" is a quantitative concept used in economics, business, and finance to assess worth. It is often determined by market forces of supply and demand, or through appraisal.
• It is typically used in discussions about pricing, investment, cost-benefit analysis, and valuation.

Examples

• Noun:
  • The economic value of the painting was assessed at over a million dollars.
  • Companies strive to create products that deliver high economic value to customers.
  • The report analyzed the economic value of preserving the national park versus developing the land.

Advanced Usage

• "To capture economic value": to successfully obtain monetary benefit from a product, service, or idea.
  • The startup's innovation allowed it to capture significant economic value in a new market.
• "Economic value added (EVA)": a specific financial performance measure calculating the value created beyond the required return of the company's investors.
  • The firm's management focuses on projects that generate positive economic value added.

Variants and Related Words

• Value (n): The regard that something is held to deserve; importance, worth, or usefulness. (A broader term that includes non-monetary worth).
• Market value (n): The amount for which something can be sold in a given market.
• Appraised value (n): An expert's estimation of the worth of an asset.

Synonyms

• Monetary worth
• Market price
• Financial value

Antonyms

• Intrinsic value (Value derived from an item's inherent nature, independent of external markets).
• Sentimental value (Worth based on personal or emotional associations rather than financial factors).

Related Phrases

• Perceived economic value: The worth a customer believes a product or service holds, which influences their willingness to pay.
  • Marketing aims to increase the perceived economic value of a brand.
• Destroy economic value: To cause a reduction in monetary worth.
  • The poor investment decision ended up destroying economic value for the shareholders.

Noun

1. the amount (of money or goods or services) that is considered to be a fair equivalent for something else
   • he tried to estimate the value of the produce at normal prices