Value is the quantity
of one thing that can be exchanged for
another, such as money. Value is the present
worth of future benefits arising from the
ownership of real estate.
The amount of goods
and services that an informed buyer would
offer in exchange for an economic good,
under given market conditions. Value in
exchange is relative, since there must be
comparison with other economic goods and
alternatives available to the potential
buyer.
Value in exchange is
best described, as the probable price at
which a commodity will trade in a free
market.
Value in use is hard
to measure, as it may only be suited for
that particular owner and or property,
basically, value in use is the value that is
given to the property by its current or
future user.
The value of an
economic good to its owner or the
prospective buyer based on the productivity
of the economic good to that specific
individual
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