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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
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.
Packed with features, screaming performance and a price point that showed seriously good value for money made it a winner all round.
He says investors should not invest in companies that pay good franked dividends at the expense of companies that offer good value and diversity.
Anybody who thinks this is good value for our council tax must be from another planet.
Whether the current centre is well placed or good value for money are still debatable points.
People spend a lot of time making sure their holiday is what they want and is good value.

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