Question

Which of the following best describes a "value"?

A) A service that is worth more to a customer than the money it costs to get it.
B) A description of what a particular feature might mean to the customer.
C) A fact about a particular service.
D) A service that best fits the customer.

Answer 1

Value is defined as an item that has a worth that can be expressed in dollars and cents. It is determined by individuals, businesses, and governments based on the utility it provides to the consumer. Utility refers to the usefulness of an item that satisfies the purchaser.

Step-by-step explanation:

According to economists, for something to have value, it must be scarce and have utility. Value is defined as an item that has a worth that can be expressed in dollars and cents. Value is defined as an item that has a worth that can be expressed in dollars and cents.

It is determined by individuals, businesses, and governments based on the utility it provides to the consumer. Utility refers to the usefulness of an item that satisfies the purchaser. Individuals, businesses, and governments determine if a product or service is worth the value that is placed on it.

If the item is worth more to the consumer than the value it is listed at; then we may decide to purchase the product and trade money for the good or service. This type of economic decision also takes into account the concept of utility. Utility is the usefulness of an item and must provide the purchaser with some satisfaction; otherwise, the purchase would not take place.