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LSDefine
Simple English definitions for legal terms
social value
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A quick definition of social value:
Social value refers to the importance, usefulness, or desirability of something to the general public. It is different from monetary value, which is the amount of money something can be exchanged for. Social value is about how much something benefits society as a whole, rather than just its financial worth.
A more thorough explanation:
Social value refers to the significance, desirability, or usefulness of something to the general public. It is the value that something holds beyond its monetary worth or price.
- A park provides social value to the community by offering a space for people to exercise, relax, and connect with nature.
- A company that prioritizes sustainability and ethical practices creates social value by contributing to a healthier environment and society.
- A non-profit organization that provides education and resources to underprivileged communities creates social value by empowering individuals and improving their quality of life.
These examples illustrate how social value goes beyond financial gain and contributes to the well-being of society as a whole.