Define the following terms a) to value b) price
Answers
Answer:
mark brainliest please
Explanation:
VALUE:- In economics, economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"?
PRICE:- Price, the amount of money that has to be paid to acquire a given product. Insofar as the amount people are prepared to pay for a product represents its value, price is also a measure of value. ... They also act as indicators of the strength of demand for different products and enable producers to respond accordingly
Hope it will help you.
Answer:
to value
to think somebody/something is very important
or
the amount of money that something is worth
price
the amount of money that you must pay in order to buy something