Value Product

Value Product includes cost and a subjective part associated with cost. It can be expressed in units of currency if the subjective part of it is assessed in units of currency. It is an economic concept formulated by Karl Marx in his critique of political economy during the 1860s, and used in Marxian social accounting theory for capitalist economies. Value Product assessed by a business when setting a price for a particular product can depend on its production costs, its overall market value and the value of the product as perceived by a targeted group of consumers.