Monetary Valuation

Economic value is a measurement of benefit produced by a good or service. Usually, this benefit is measured in a common currency in order to make these goods and services comparable. The theory of value is used in everyday situations without much consideration. For example when considering my preferences and constraints at the moment, I would be willing to spend $10 for a good sandwich right now. Regardless of what the actual selling price of a sandwich is, I have my own personal value for the good. When talking lunch items, I have no problem valuing these items in terms Continue reading Monetary Valuation