Value is defined in the oxford dictionary as something that is held dear, important, something of worth or of usefulness. Value can be relative and in monetary terms it can be compared in terms of the price of something. Economic value is just but one of the many possible forms in which we can define and give the measure of value. There are may be other types of value but economic value are very useful when economic choices are to be made.
People measure economic value based on the priorities and preferences or opportunity costs. Economists therefore believe that