What is VALUE?

The Definition of the term, Value is surely of utmost importance as it will set the backdrop for our future discussion of this topic. I am not trying to be historically or scientifically correct; but merely to capture the essence for layman usage.

Value (the noun) is a term that has been defined and used loosely in the English language.Value itself has several meanings so let's choose the one we are referring to:

Unit of Measurement
One group of definitions uses Value as a general unit of measurement, especially in Mathematics.
E.g. evaluate or estimate the nature, quality, ability, extent, or significance of something
E.g. a numerical quantity measured or assigned or computed

We are not referring to this meaning.

Unit of Worth
The next group defines Value of a unit of monetary worth.

E.g. monetary or material worth, as in commerce or trade
E.g. the worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange.
E.g. equivalent worth or return in money, material, services

This is certainly the most common layman use of the word. We are certainly getting closer but not exactly there yet. 


Something of Usefulness and Benefit 
Finally, we reach the usage most closely associated with economics:

E.g. something (as a principle or quality) intrinsically valuable or desirable
E.g. Value is often measured by the usefulness or desirability of something.Worth of all the benefits and rights arising from ownership.

So, generally economics referred Value, both to a "something" and a "unit of benefit or utility".

For Layman Simplification

For layman interpretation, I will define Value as "the benefit derived from possessing or consuming something of desirability, usefulness or utility". Value is, at the same time, a unit of worth that is used to measure the benefit in both monetary (usually) and non-monetary terms. Hence, I have combined Value and its worth to mean the same thing; just like Money and its measurement are often referred to as one and the same. 


A future elaboration is that the something in question can have two values: One for the storage and exchange of value and another for the value derived from consuming it. Some historical economists referred to the former as Exchange Value (or Price) and the latter as Use Value. I will use Price to mean Exchange Value (similar to Unit of Worth definition) and Value (as my definition in previous paragraph) to refer to Use Value.

With this, we have now gotten the dry part out the way.