dash can promote future economic benefits
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Answer:
Economic value is the value that person places on an economic good based on the benefit that they derive from the good. It is often estimated based on the person’s willingness to pay for the good, typically measured in units of currency. The economic value should not be confused with market value, which is the market price for a good or service which can be higher or lower than the economic value that any particular person puts on a good.
For example, a consumer places a tangible value on a durable pair of sneakers that provide protection and support during athletic activity. However, the sneaker's brand label or affiliation with a celebrity can add intangible value to the sneakers. Marketer can use surveys, focus groups, or other tools, so get an idea of how much value consumers will place on the sneakers based on their characteristics.
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PART OF
Guide to Economics Guide
Economics1 of 33
Exploring How an Economy Works and the Various Types of Economies2 of 33
Who Created Economics?3 of 33
Is Economics a Science?4 of 33
The Difference Between Finance and Economics5 of 33
Everything You Need to Know About Macroeconomics6 of 33
Microeconomics Definition7 of 33
Four Economic Concepts Consumers Need to Know8 of 33
Understanding the Law of Supply and Demand9 of 33
What Is Demand-Side Economics?10 of 33
What Is the Supply-Side Theory?11 of 33
What Is a Market Economy?12 of 33
What Is a Command Economy?13 of 33
Economic Value14 of 33
Keynesian Economics Definition15 of 33
How Social Economics Influences Your Future16 of 33
Economic Indicator17 of 33
Top Ten US Economic Indicators18 of 33
Gross Domestic Product (GDP)19 of 33
What Is GDP and Why Is It So Important to Economists and Investors?20 of 33
Consumer Spending Definition21 of 33
Retail Sales Definition22 of 33
Job Market is a Conceptual Marketplace of Employees and Employers23 of 33
The Top 25 Economies in the World24 of 33
What Are Some Examples of Free Market Economies?25 of 33
Is the United States a Market Economy or a Mixed Economy?26 of 33
Primary Drivers of the Chinese Economy27 of 33
Japan Inc. Definition28 of 33
How India Makes Money29 of 33
European Union (EU)30 of 33
The German Economic Miracle31 of 33
How the UK Makes Money32 of 33
How the North Korean Economy Works33 of 33
Related Terms
Hedonic Regression
Hedonic regression applies regression analysis to estimate the relative impact of the variables that affect the price of a good or service. more
Utility Definition
Utility is an economic term referring to the satisfaction received from consuming a good or service. more
Relativity Trap Definition
A relativity trap is a psychological or behavioral bias that leads people to make irrational choices with their spending decisions. more
What Is Aggregate Demand?
Aggregate demand is the total amount of goods and services demanded in the economy at a given overall price level at a given time. more
Gross Domestic Product (GDP)
Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. more
Theory of Price Definition
The theory of price is an economic theory that states that the price of a good or service is based on the relationship between its supply and demand.
Explanation:
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