valley. (building construction). An inside angle formed where two sloping sides intersect. (geography). A generally broad area of flat, low-lying land bordered by higher ground.
In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.
Save. Economics is the study of transactions between producers and consumers with limited resources. Because the money used to produce one product could have been used to produce something else, each transaction involves an economic cost of implicit and explicit value to both buyer and seller.xplicit costs include the exchange of money for a good or service. The implicit cost refers to the tangible costs for which no money is exchanged. Economists count the implicit and explicit costs together when determining the value of a thing.