Economic value is the worth of a good or service determined by people's preferences and the trade-offs they choose given their scarce resources. ... For example, if a person has an apple, ...

Economic efficiency is when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized. ... For example, a ...

Gross domestic product (GDP) measures the market value of all goods and services a country produces in a specific time frame. It’s used to gauge a nation’s economic growth and its people's ...