Define economic value and social value

Economic value is the measure of benefit brought about by goods or services to the final consumer.

Social value refers to the extent in which the lives of individuals and society as a whole is improved through the combination of resources and processes.

Organizations tend to focus on the creation of one type of value that is the economic value as it has more benefits to be acquired. The economic value provides financial benefits and since organizations operate to make profits, they focus more on the economic value instead of the social value. The social value benefits those in the external environment and an organization cannot reap much from this. This explains why they focus on creating economic value.