Value (economics)
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High Quality Content by WIKIPEDIA articles! 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. Wealth maximization predicts that a person will choose to obtain the good or service in the place where it is cheapest, where the amount given up is the least.

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High Quality Content by WIKIPEDIA articles! 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. Wealth maximization predicts that a person will choose to obtain the good or service in the place where it is cheapest, where the amount given up is the least.