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Definitions from the Web

Economic Value

Definition:

Economic value refers to the worth or importance assigned to something in terms of its usefulness or ability to satisfy a need or want.

Parts of Speech:

• Noun

Senses:

Sense 1: The monetary or market value that an asset, product, or resource possesses.

Example: The economic value of the property has increased significantly due to recent developments in the area.

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Sense 2: The importance or usefulness of something in terms of its contribution to society or individuals.

Example: Education has a high economic value as it boosts individual earning potential and overall economic growth.

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Local Usage:

In certain local contexts, "economic value" can be used to refer specifically to the importance of a product or service within the local economy.

Example: The local government is actively promoting tourism in order to enhance the economic value of the region.

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