ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -price, the amount of money that has to be paid to acquire a given product. Insofar as the amount people are prepared to pay for a product represents its value, price is also a measure of value.

Detailed explanation-3: -At its most basic, a price is the amount of money that a buyer gives to a seller in exchange for a good or a service.

Detailed explanation-4: -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-5: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year).