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Class 12 Tuition > Learn Class XI-XII Tuition (PUC) > A question for commerce students. What is the concept...
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A question for commerce students. What is the concept of "value"?

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It is a dynamic concept not a static one;much like beauty
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That means a total utility of the consumer , which he accept by accepting the product.
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In short, value in economics means worth of a commodity in terms of other commodity (barter) or money (price). The value depends on both desirability and scarcity. Simply, the maximum amount a person is willing to pay for a commodity depending upon its desire (demand) and scarcity (supply). Value is...
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In short, value in economics means worth of a commodity in terms of other commodity (barter) or money (price). The value depends on both desirability and scarcity. Simply, the maximum amount a person is willing to pay for a commodity depending upon its desire (demand) and scarcity (supply). Value is the calculation-form of utility and it varies from person to person. We need to understand utility as well which means the total satisfaction received by the consumer on the consumption of a unit of a good(s). Utility keeps on reducing with every consumption of unit and we get the concept of marginal utility. read less
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It is a measure of the benefit that may be gained from goods or services.
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Value concept in value chain:- Primary involves inbound logistics (getting the material in for adding value by processing it), operations (which are all the processes within the manufacturing), outbound (which involves distribution to the points of sale), marketing and sales (which go sell it, brand...
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Value concept in value chain:- Primary involves inbound logistics (getting the material in for adding value by processing it), operations (which are all the processes within the manufacturing), outbound (which involves distribution to the points of sale), marketing and sales (which go sell it, brand it and promote it) and service (which maintains the functionality of the product, post sales). creation of higher value with value addition by manufacturing of raw material to finished goods. In accounting value concept is different: The monetary worth of an asset, business entity, good sold, service rendered, or liability or obligation acquired is the value of that identity. Basically the value is anything in monetary term. read less
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M.A ECONOMICS,B.ED IN SOCIAL SCIENCE, M.ED IN EDUCATION, QUALIFIED STATE ELIGIBILITY TEST.

Any thing that can satisfy a human want or should possess utility.
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MS Excel Professional Teacher, Accounts & Costing Tuition.

Anything which has purchases power as per bartender system is called as Value.
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