Card Set Information
Understanding Utility, Exchanges, Value, Price
The trade of things of value between two parties such that each party is left better off after the trade.
A ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.
More specifically the customer's perception of the offering's pricing is a key determinant of perceived value.
A measure of the relative satisfaction from consumption of goods or desire for goods.
In a market economy the price one pays should reflect the relative amount of utility received.
So one objective of a market economy is to match buyers and sellers based on ow dear the product is.