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value


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1 Value = price × quantity. For example, if between two years prices quadruple and quantities in the economy increase by 25 percent, the money value of gross domestic product rises to 4 × 1.25 = 5 times its former level.

2 A synonym for price. Valuables are goods which sell for high prices.

3 A general term of praise, used in a phrase such as ‘good value’. Value in this sense refers to something similar to price but more important and more permanent. Advertisers claim that their goods represent ‘value for money’; politicians claim the same for their policies.

4 The magnitude of a variable or parameter.

Subjects: Economics.


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