value (noun)

a numerical quantity measured or assigned or computed

"the value assigned was 16 milliseconds"

value (noun)

the quality (positive or negative) that renders something desirable or valuable

"the Shakespearean Shylock is of dubious value in the modern world"

value, economic value (noun)

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"

value (noun)

relative darkness or lightness of a color

"I establish the colors and principal values by organizing the painting into three values--dark, medium...and light"-Joe Hing Lowe

value, time value, note value (noun)

(music) the relative duration of a musical note

value (verb)

an ideal accepted by some individual or group

"he has old-fashioned values"

value (verb)

fix or determine the value of; assign a value to

"value the jewelry and art work in the estate"

prize, value, treasure, appreciate (verb)

hold dear

"I prize these old photographs"

respect, esteem, value, prize, prise (verb)

regard highly; think much of

"I respect his judgement"; "We prize his creativity"

measure, evaluate, valuate, assess, appraise, value (verb)

evaluate or estimate the nature, quality, ability, extent, or significance of

"I will have the family jewels appraised by a professional"; "access all the factors when taking a risk"

rate, value (verb)

estimate the value of

"How would you rate his chances to become President?"; "Gold was rated highly among the Romans"

value (Noun)

The quality (positive or negative) that renders something desirable or valuable

value (Noun)

The degree of importance you give to something.

value (Noun)

The amount (of money or goods or services) that is considered to be a fair equivalent for something else

value (Noun)

The relative duration of a musical note.

value (Noun)

The relative darkness or lightness of a color in (a specific area of) a painting etc.

value (Noun)

Numerical quantity measured or assigned or computed.

value (Verb)

To estimate the cost of; judge the worth of something.

value (Verb)

To regard highly; think much of; place importance upon.

value (Verb)

To fix or determine the value of; assign a value to, as of jewelry or art work.

value (Verb)

To hold dear.

Value

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. The difference between the value to the consumer and the market price is called "consumer surplus". It is easy to see situations where the actual value is considerably larger than the market price: purchase of drinking water is one example. The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged. From this analysis came the concepts value in use and value in exchange. Value is linked to price through the mechanism of exchange. When an economist observes an exchange, two important value functions are revealed: those of the buyer and seller. Just as the buyer reveals what he is willing to pay for a certain amount of a good, so too does the seller reveal what it costs him to give up the good.