Question

What do you mean by economic value

Answer 1

Answer:

Economic value is a measure of the benefit provided by a good or service to an economic agent. ... If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "consumer surplus".

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Answer 2

Answer:

Economic value is a measure of the benefit provided by a good or service to an economic agent.  If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "consumer surplus

Explanation: