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Definition: Welfare economic value
Category: System of Environmental-Economic Accounting
The total (or gross) economic gain associated with the quantities of a product that are transacted. They include both the consumer and producer surplus. The concept of welfare economic value differs from that of exchange value as a result of the inclusion in the former of consumer surplus. http://ec.europa.eu/eurostat/ramon/statmanuals/files/UN_experimental_ecosystem_accounting_2012_EN.pdf
Source:
United Nations; European Union; Food and Agriculture Organization of the United Nations (FAO); Organisation for Economic Co-operation and Development (OECD); The World Bank, "System of Environmental-Economic Accounting 2012: Experimental Ecosystem Accounting", 2014
United Nations; European Union; Food and Agriculture Organization of the United Nations (FAO); Organisation for Economic Co-operation and Development (OECD); The World Bank, "System of Environmental-Economic Accounting 2012: Experimental Ecosystem Accounting", 2014
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