Value

In the economic sense, not in the moral sense, value is synonymous with utility, which is defined in relative terms using choice. See also Utility.

Note that the price you pay is not the value of the thing. The buyer places a higher value on the thing than the price paid (the difference here is called the 'consumer surplus'), and the seller places a lower value on the thing than the price paid. If it weren't for these two facts being true, then the exchange would never take place. So, while value can be determined via utility, it cannot be inferred from price.

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