- Market Value – Market value is the amount for which a good or service can be sold on a particular market. The price of a good or service in a purely competitive market situation is indicative of the value of such good and service to both the seller and the buyer. The condition by which seller will part with his good and service largely depends on the profitability of the transaction. On the other hand, the buyer will only give up his money, in exchange for a particular product or service, if such good and service bring him satisfaction. Market prices equates to market value.
- Social Value – Social values form a critically important part of the culture of a given society. Social values, norms and institutions explain the best way by which social process systems operate in a given society. Social value reflects the real and perceived worth of anything to society as a whole.
- Value in Use – The value in use pertains to the value of a property based on its use and usefulness. This implies zero value of something not useful and, on the other hand, a positive value (depending on the degree of usefulness) for something that has value application.
Wednesday, June 24, 2015
by Anton Antonio
May 21, 2015
“Values are important and lasting beliefs shared by the members of a culture about what is good or bad and desirable or undesirable. A set of values or core beliefs have a large influence on a person’s or the members of his group’s behaviour and attitudes. It serves as ethical standards or broad guidelines in the conduct of his day-to-day activities.” (Antonio, 2015) In environmental science and the economics of upland resources, the following values are equally important:
There are other values that apply to upland resources. These, however, are the more relevant applicable values.
Just my little thoughts…
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Antonio, A. C. (2015). “Concept of Values”. Retrieved on May 21, 2015 from http://antonantonio.blogspot.com/