In Reply to: highest value component in your system posted by gkirkos on May 5, 2015 at 09:31:17:
Value is measured by the willingness to pay of a consumer for a good, as opposed to not buying it. Once you deduct the cost of that item from your willingness to pay, the residual is the net value.
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Follow Ups
- Value isn't determined by price; cost is. - Frihed89 23:21:34 05/05/15 (1)
- RE: Value isn't determined by price; cost is. - wangmr 22:43:47 05/06/15 (0)