Value and cost
1. the real-worth.
Ex. They bought the house for less than its value.
2. high worth; excellence, usefulness, or importance.
Ex. the value of education, the value of milk as a food.
3. an estimated worth.
Ex. He placed a value on his furniture.
1. to rate at a certain value or price; estimate the worth of; appraise.
Ex. The land is valued at $5,000.
2. to consider with respect to worth, excellence, usefulness, or importance.
Value is what one gets minus what one gives
We often make decisions based on cost, the sticker tag price, how much money we will have to part with. But these decisions shouldn't be based on money, but rather on what we will receive in exchange for spending money. That is, the value of the transaction.
• A gym membership may have a high cost, but its not expensive - it has a high value. The return on money invested is much greater than the loss of that income - better health, longer life, more productive days, more energy, more self-confidence, etc.
• Restraunt: I order the special, friend orders the usual. Friend tells me, "The Special is often more expensive." I choose something different, to try new items and tastes. The extra cost is worth it for the exchange of trying something new.
• At a Broadway show, some people buy the soundtrack on CD. Those CDs usually sell for $20, even though one can buy the CD at a store or download it on iTunes for about $12. But buying it at the theater has these extra benefits - one gets to listen to the music once at home and there is the emotional connection of having bought it at the theater where the memories were made.