Final answer:
Highest and best use is not considered one of the essential elements of value, while Demand, Utility, Scarcity, and Transferability are.
Step-by-step explanation:
Among the options given, (c) Highest and best use is NOT one of the essential elements of value in the context of real estate and economics. The essential elements of value that affect a property's market value are often summarized by the acronym 'DUST', which stands for Demand, Utility, Scarcity, and Transferability. Although 'highest and best use' is an important concept in determining the value of a property, it is not considered one of the core, defining elements of value itself. This concept is more about how the property can be used to its fullest potential to realize the highest value rather than being an intrinsic characteristic that contributes directly to value.