Saturday, July 25, 2015

Cost, Worth, and Value - Defined

I'd like to posit a few definitions in the pursuit of exploring cost, value, and worth.  In a discussion last Wednesday, several of us found ourselves using two of the words to define the third. So, while these "definitions" might sound a little contrived, it's because I'm trying to avoid using those other words.  So, here goes:

Cost - the amount of one's resources which must be expended in order to accomplish an objective (whether to acquire a tangible object, secure a service, or provide a benefit to a third party.

Worth - the intrinsic attractiveness that one may attribute to the above-mentioned object, service, or benefit).

Value - the amount by which Worth exceeds Cost (translated into the same units, if a quantitative evaluation is required).

I'm also posting an example - and later, a little discussion.

4 comments:

  1. Very interesting definitions. A bit different from our conversations in the General Store the other day.

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  2. Really? I thought I was sticking pretty close to the discussion. Of course, these may just be what I had in mind, not the rest of our little group.

    What do you recall?

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  3. I really love how you bring your left brain (and therefore my left brain) into my right brain thinking!

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