it has been sid that there is a klose similarity bt it has been noticed that there specific differences between the two.
2007-01-22 04:17:38 · 2 answers · asked by EMEKA I 1 in Social Science ➔ Economics
The cost of something is the actual price you pay as well as other non-monetary options you may have to incur. The second part of that is generally opportunity cost.
The value of something is how much one would be willing to pay for something. This may be higher than the actual cost.
Suppose you see a sofa that you would be willing to pay $1,000 for. The $1,000 is the value of the sofa to you (value is generally relative). The price tag says $500. That is the cost that you will have to pay.
Hope this makes sense.
2007-01-22 04:45:35 · answer #1 · answered by theeconomicsguy 5 · 0⤊ 0⤋
you CAN"T be SerioUS.....
2016-03-29 09:03:32 · answer #2 · answered by ? 4 · 0⤊ 0⤋