Question

What are economics and social value of firm

Answer 1

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→ 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"?

→ Social value is the quantification of the relative importance that people place on the changes they experience in their lives. Examples of social value might be the value we experience from increasing our confidence, or from living next to a community park.