Value added refers to the additional value created at a particular stage of production or through
image and
marketing. In modern
neoclassical economics, especially in
macroeconomics, it refers to the contribution of the
factors of production, i.e.,
land, labor, and capital goods, to raising the value of a product and corresponds to the incomes received by the owners of these factors. The factors of production provide "services" which raise the unit price of a product (X) relative to the cost per unit of
intermediate goods used up in the production of X. Value added is shared between the factors of production (capital, labor, also human capital), giving rise to issues of distribution.
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