Value

In economics, value is usually taken as the maximum amount that an individual or group is willing to pay for a particular good or service rather than go without it. Marginal value is the value of marginal benefit: the maximum amount individuals are willing to pay for an increment of benefit. Value in exchange is a term sometimes used to describe the market value of traded goods or services. The difference between value in use and value in exchange is consumer's surplus. See Demand Curve, Value in Use.

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