Final answer:
Value is defined as an item that has a worth and can be expressed in dollars and cents. It must be scarce and have utility. Value and utility play a crucial role in economic decisions.
Step-by-step explanation:
According to economists, value is defined as an item that has a worth that can be expressed in dollars and cents. For something to have value, it must be scarce and have utility. The concept of utility refers to the usefulness of an item, which is determined by the consumer. Value and utility play a crucial role in economic decisions, as individuals, businesses, and governments consider the worth of a product or service before purchasing it.