Economic value is a concept that refers to the worth of a good or service in terms of its ability to meet human needs and wants. It is a key component in the field of economics and is used to analyze and understand the choices individuals, businesses, and governments make in allocating resources. Economic value is often measured in terms of price, cost, or utility, and is influenced by factors such as supply and demand, competition, and market conditions. Economists study economic value to assess the efficiency and effectiveness of resource allocation and to make recommendations for improving economic outcomes.