> Economic value is not the same as market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that

> Economic value is not the same as market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "consumer surplus". It is easy to see situations where the actual value is considerably larger than the market price: purchase of drinking water is one example. https://en.wikipedia.org/wiki/Value_(economics) https://en.wikipedia.org/wiki/Value_(economics)