ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Monetary value is value in currency that a person, business, or the market places on a resource, product, or service. In fact, most goods and services in our modern economy are priced based on monetary value.

Detailed explanation-2: -Monetary value refers to the value of a product or service measured in terms of money. Objects having monetary worth can replace money in specific circumstances and act as a medium of exchange. An object’s monetary worth is associated with several factors like government intervention, supply & demand.

Detailed explanation-3: -Monetary value: The price of a product relative to its perceived worth-how much a customer is willing to pay. Social value: The way a product enables customers to connect with others-how being associated with the product impacts them.

Detailed explanation-4: -Monetary value is the amount that would be paid in cash for an asset or service if it were to be sold to a third party. For example, tangible property, intangible property, labor, and commodities are priced at their monetary value.