OpenNESS Glossary beginning with V
The process whereby people express the importance of or preference they have for the services or benefits that ecosystems provide. Importance or value can be expressed in monetary or non-monetary terms. See 'monetary valuation' and 'non-monetary valuation'.
The worth, usefulness, importance of something. Thus value can be measured by the size of the well-being improvement delivered to humans through the provision of good(s). In economics, value is always associated with trade-offs, i.e. something only has (economic) value if we are willing to give up something to get or enjoy it.
- Value System
Norms and precepts that guide human judgments about value and action.