Economic Values: The Special Ingredients of Value

Imagine you’re at a toy shop with your pocket money. 

You want to buy the coolest toy ever! But you can’t have everything. You have to choose what’s most important to you. That’s what economic values are all about

They’re like special ingredients that make us decide if something is worth our money.

The 9 Special Ingredients of Value (Economic Values)

1. How Well Does It Work? (Grown-ups call this "Efficacy")

Think about a toy car. Does it zoom across the room or barely move?

In business: People want things that do a great job at what they’re supposed to do!

2. How Fast Does It Work? (Also known as "Speed")

Would you rather build a block tower quickly or very, very slowly?

In business: Sometimes, speed is super important to customers!

3. Can I Depend on It? (Grown-ups say "Reliability")

Imagine a toy robot. Does it work every time, or does it often break down?

In business: People love things they can always count on!

4. Is It Easy to Use? (Also called "Ease of Use")

Some toys are fun right away, others have tricky instructions.

In business: Many people prefer things that are simple and not frustrating!

5. How Many Things Can It Do? (Grown-ups call this "Flexibility")

A toy building set that lets you create lots of different things is more flexible.

In business: Products that can do many things are often popular!

6. Will It Make Me Look Cool? (Known as "Status")

Some toys are super popular, and everyone wants them!

In business: Sometimes people buy things because they’re trendy or impressive!

7. Does It Look Awesome? (Grown-ups say "Aesthetic Appeal")

You might pick a toy because it has your favorite colors or sparkles.

In business: How something looks can be really important!

8. How Does It Make Me Feel? (Also called "Emotion")

Some toys make you laugh, feel brave, or feel cozy.

In business: People often choose things based on how they make them feel!

9. How Much Does It Cost? (Simply known as "Cost")

You only have so much pocket money, so the price matters!

In business: Cost is always important, but sometimes people pay more for things with other special ingredients they really want!

Why Are These Economic Values Important in Business?

When you’re creating something to sell, it’s important to think about these special ingredients:

  1. Understanding Customers: Knowing which economic values matter most to your customers helps you make things they’ll love!
  2. Making Choices: You can’t always have all the ingredients, so you have to choose which ones are most important for your product or service.
  3. Standing Out: If you focus on the economic values that matter most to your customers, your product might be chosen over others!
  4. Fair Pricing: Understanding these economic values helps you decide how much to charge for what you’re offering.

Example: The Super Awesome Lemonade Stand

Let’s say you’re starting a lemonade stand. You might think about:

  • How yummy your lemonade is (Efficacy)
  • How quickly you can serve customers (Speed)
  • If you’re open every day as promised (Reliability)
  • If your stand looks cool and attracts attention (Aesthetic Appeal)
  • If your prices are fair (Cost)

By thinking about these economic values, you can make your lemonade stand popular!

Your Turn to Think!

  • What’s your favorite toy? Which of these economic values does it have?
  • If you were creating a new game, which economic values would you focus on to make it really cool?
  • Can you think of something that’s popular even though it’s expensive? What economic values might make people willing to pay more?

Remember, understanding these economic values can help you create amazing things that people will love and want to buy!

Song: Idea Evolution

Verse 1:
Started with a spark, just a tiny thought
Gonna make it shine, gonna give it all I’ve got
Looking all around, seeing what I find
Asking questions, opening my mind
Pre-Chorus:
Brainstorm wild, pick the best
Time to put it to the test
Chorus:
Watch it grow, watch it change
Idea evolution, rearrange
Try it out, see what works
Learn from every twist and turn
Round and round, up we go
That’s how great ideas grow
Verse 2:
Listen to the crowd, hear what people say
Their thoughts might guide me in a brand new way
Actions speak loud, so I’ll observe
How they use my creation, every move and curve
(Pre-Chorus)
(Chorus)
Bridge:
Sometimes it’s hard to hear the truth
But every word can be a clue
Step by step, we’ll reach new heights
Our vision clear, our future bright
(Chorus)
Outro:
Evolution never ends
That’s how good becomes the best, my friends