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WordNet-Online
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Definitions from the WebEconomic ValueDescriptionEconomic value refers to the worth or significance that a particular item, asset, or resource holds within an economic system. It is the measurement of the benefit or utility that can be derived from something in terms of its monetary worth and usefulness. Senses and UsagesNoun (General):In a general sense, economic value denotes the overall worth of goods, services, or assets in an economy, which can vary based on supply and demand, scarcity, and other market factors. It serves as a basis for economic analysis, investment decisions, and trade evaluations. Example sentence: The economic value of real estate in that neighborhood has increased significantly over the past few years. Noun (Local):In a local context, economic value refers to the specific worth or significance of resources, industries, or opportunities within a particular region. It measures the contribution of local activities to the economy and understanding their impact on the overall economic growth of that area. Example sentence: The establishment of a new factory in the town will add significant economic value to the local community. Adjective (Popular):When used as an adjective, popular economic value signifies the items or products that are widely desired, in-demand, or deemed valuable in a market due to factors like trends, consumer preferences, or cultural significance. Example sentence: The company's marketing strategy focused on creating products with popular economic value among millennials. Adjective (Local):As a local adjective, economic value refers to goods or services that are specifically relevant, beneficial, or significant within a particular geographic area, often tailored to meet the needs and preferences of local consumers. Example sentence: The farmer's market offers a wide range of locally sourced products with exceptional economic value for the community. Related Products | ||||
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