Question
Concept of Economic Value
Answer :
Word Count : 278
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The concept of economic value refers to the worth of a good, service, or project as measured in terms of its ability to satisfy human wants and contribute to welfare. In project analysis, economic value goes beyond mere financial profitability and considers the overall contribution of a project to society. It reflects the net benefits generated after accounting for all costs and benefits, including those not directly captured in market transactions. Economic value is fundamentally based on the principle of scarcity and choice.
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