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Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use value, which people derive from direct use of the good. The concept is most commonly applied to the value of natural and built resources. Non-use value as a category may include:
Use-value as an aspect of the commodity coincides with the physical palpable existence of the commodity. Wheat, for example, is a distinct use-value differing from the use-values of cotton, glass, paper, etc. A use-value has value only in use, and is realized only in the process of consumption. One and the same use-value can be used in various ...
The value of an ecosystem can be distinguished as: Use value — Can be split into Direct and Indirect use values: Direct use value: Obtained through a removable product in nature (i.e., timber, fish, water). Indirect use value: Obtained through a non-removable product in nature (i.e., sunset, waterfall).
The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods that can be exchanged. From this analysis came the concepts value in use and value in exchange.
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discretionary vs non-discretionary assets under management A discretionary investment account is one in which your broker can make trades independently, or at their own discretion, without seeking ...
Karl Marx referred to the "production of use-values" as a feature of any economic mode of production, but characterized capitalism as a mode of production that subjugated the production of use-value for the self-expansion of capital (i.e., capital accumulation or production for profit). In contrast, socialism was vaguely defined as a system ...
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