ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The monetary value of a product or service is the amount of money or currency paid to obtain it. Many of the products or services we use every day hold value from a financial perspective. It is also a medium of exchange; not necessary it should be redeemable in money.

Detailed explanation-2: -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-3: -Definitions of monetary value. the property of having material worth (often indicated by the amount of money something would bring if sold) “the fluctuating monetary value of gold and silver” synonyms: cost, price.

Detailed explanation-4: -Examples of Monetary Value For example, the price of agricultural products, natural resources, tangible property, land, legal property rights, and labor is the monetary value of these commodities. Intangible assets such as publishing rights and patents also have a monetary value.