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Definition:
Most environmental goods and services, such as clean air and water, and
healthy fish and wildlife populations, are not traded in markets. Their economic
value -how much people would be willing to pay for them- is not revealed in
market prices. The only option for assigning monetary values to them is to rely
on non-market valuation methods.
Without these value estimates, these resources may be implicitly undervalued
and decisions regarding their use and stewardship may not accurately reflect
their true value to society.
Source & ©: GreenFacts, based on
www.ecosystemvaluation.org 
More:
A fundamental distinction in economics is between market and non-market goods
and services. Goods and Services in a free market economy are sold for prices
that reflect a balance between the costs of production and what people are
willing to pay.
Some environmental goods and services, such as fish and seaweed, are traded in
markets, thus their value can be directly observed. Conversely, a non-market
good or service is something that is not bought or sold directly. Therefore, a
non-market good does not have an observable monetary value. Examples of this
include beach visits, wildlife viewing, or snorkeling at a coral reef.
Source & ©:
The National Ocean Economics Program
Non-Market Values
Portal
Related words: Intrinsic value - Value
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