Title: Cost vs Price vs Worth vs Value [The Human Condition]
Headings: Cost vs Price vs Worth vs Value
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Table of Contents
Cost vs Price vs Worth vs Value
Everyday language
value
cost, price
worth
In Economics
value
price, cost
worth
In Business
value, worth (accounting)
value (marketing)
price, cost
Discussion

Content: When we talk about worth, we are taking the viewpoint of the owner, and speculating about a possible sale, or what it might cost to replace our property. Worth is a long-term perspective. As with value, we think of worth as being stable across market price fluctuations, and so as somewhat intrinsic in the thing. We tend to imagine an ideal buyer, one who values the property as least as much as we do. If sale prices refuse to align with our expectation, we may have to adjust our idea of worth, but we can do this without having to change our judgment of value, what it is “worth to me”. Price and worth are similar, but a true price only exists when we are actually selling, whereas we can speculate about worth at any time. Also, if we actually do sell, and prices are negotiable, we will set our price higher than what we think it is worth. Of course these generalizations about usage have many exceptions. Expressions of worth that are vague ( worth a great deal) or dramatic ( worth the world) refer to non-monetary value. We aren't anticipating the selling price of our civil rights or our children.