Value

Value refers to the monetary worth of an asset, business entity, goods sold, service rendered, or liability or obligation acquired. Typically measured in units of currency, value can also refer to the extent to which a good or service is perceived by its customer to meet his or her needs or wants, measured by the customer's willingness to pay for it. A form of value can be economic value, which pertains to the highest amount a consumer is willing to pay for a product or service in a free market economy, or in a socialist economy.