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What does good value mean?

Looking for the meaning or definition of the word good value? Here's what it means.

Noun
  1. (dated) Something that is well worth the money paid for it.
  2. (Britain, Australia, idiomatic, slang) Someone who is friendly and easy-going.
  3. (Britain, Australia, idiomatic, slang) Someone who is funny or witty.
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Examples
We always have some food and actually the platters we did have were very good value for huge amounts of food.
Book value represents a rock-bottom price for the concrete things a company owns, and Eley sees that as a good value gauge.
This book is a good value souvenir for all those who appreciate the marvellous exhibition that has been brought to Waterford.
Anybody who thinks this is good value for our council tax must be from another planet.
If you get there after 8pm, entry is still only a fiver, which is still good value since you can continue to boogie until 1am.
He says investors should not invest in companies that pay good franked dividends at the expense of companies that offer good value and diversity.

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