How do you define the term value? The word is used often in business and yet infrequently defined. It turns out value, like beauty, is in the eye of the beholder. It is primarily subjective and derived from individual beliefs concerning an object’s ability to meet needs, wants, wishes, and expectations.
In a business context, it is useful to make a distinction between two types of value: use value and exchange value. Use value is subjective and based on judgments about the specific qualities of a product such as its styling, its usefulness, or its ability to meet specific needs. Exchange value is the monetary amount realized at a single point in time when the exchange of a product takes ...
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