1. Value = price × quantity. For example, if between two years prices quadruple and quantities in the economy increase by 25 per cent, the money value of gross domestic product rises to 4 × 1.25 = 5 times its former level.
2. A synonym for price. The theory of value is concerned with explaining the relative prices of goods.
3. A general term of praise, used in a phrase such as ‘good value’. Value in this sense refers to something similar to price but more important and more permanent. Advertisers claim that their goods represent ‘value for money’; politicians claim the same for their policies.
4. The magnitude of a variable or parameter.