Final answer:
The customer's perception of an item's worth compared to other alternatives is its comparative value. This is influenced by the item's utility and by the concept of opportunity cost, which describes the value of the next best alternative forgone.
Step-by-step explanation:
The item's worth to the customer compared to other alternatives is best described as the item's comparative value. Value can be seen as the worth that can be expressed in monetary terms, while providing the purchaser with a certain utility or satisfaction. The utility is a measure of the usefulness or satisfaction derived from a good or service, and is subjective to the consumer's preferences. For instance, some people may place high utility on DVDs and concert tickets based on their personal enjoyment, while others may not find the same value in them.
Opportunity cost is another important concept related to value, representing the alternatives forgone when a choice is made. If someone buys a bicycle for $300, the opportunity cost is what could have been purchased with that $300 instead. This concept emphasizes that the price in dollars sometimes may not fully capture the true cost or value of a decision, particularly when considering the factor of time.