Extrinsic Value
Extrinsic value refers to the additional element of value added to an object, concept or entity by external factors, separate from its inherent properties. This concept is often applied in various contexts, such as economics, psychology and philosophy.
Factors affecting extrinsic value
Extrinsic value is influenced by elements outside the immediate character or functionality of something. In economic terms, it can affect the price of a product, based on factors such as brand image, supply and demand, and social trends. In human interactions, extrinsic value can be perceived as social approval, status or recognition. Psychologically, rewards, prizes or external motivations can add extrinsic value to tasks or performance.
