ENTREPRENEURSHIP

Detailed explanation-1: -Economic value is the value that a person places on a good or service, based on the benefit they get from it. Economic value is subjective and difficult or impossible to measure, though there are approaches to estimating it.

Detailed explanation-2: -The market price is the current price at which an asset or service can be bought or sold. The market price of an asset or service is determined by the forces of supply and demand. The price at which quantity supplied equals quantity demanded is the market price.

Detailed explanation-3: -the cost of your product or service is the amount you spend to produce it. the price is your financial reward for providing the product or service.

Detailed explanation-4: -The price of a product can influence consumer perception of value. For example, consumers may perceive a more expensive product as higher quality than a lower priced product, yet they may perceive the lower priced product as providing more value. However, lower prices do not always equate to greater value.