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: Prices vary, even when the theoretical value of the products and number & wants of the potential buyers assigning worth to the goods do not– Similarly, if the demand for something goes up–if it’s worth to the people making up the collective subjective rises–the price should also go up, but not immediately. The disconnect may be small, but it exists. The fact of the lag-time's existence can be described as supply and demand in action. True enough. But that does not change the fact that supply and demand are not static, and therefore can be more broadly described as a demonstration of a process in action, proof of one situation becoming another situation, rather than instantly jolting into a new stasis. value
How much usefulness or pleasure an individual gets from a commodity or service. In economics, Value is still stable and subjective (see utility ), but it is also supposed that value has all the properties of a number–that you can not only compare, but also add, divide and do calculus on values. Economists suppose that there is no problem with unlike categories of value, so you can express the value to a person of having one year of free speech as being equal to some specific number of boxes of shredded wheat. Though it is theoretically a number, economic value can't be given in dollars or any other currency because value would then vary over time (due to inflation) and by country (according to exchange rate ). nominal value is another name for cost.