What is the classification of theft known for involving items of low economic value?

The classification of theft that involves items of low economic value is known as petty theft. This type of theft typically pertains to goods or property that have a relatively minor financial worth, often defined by a specific monetary threshold that varies by jurisdiction. Petty theft is commonly seen as a misdemeanor and usually results in lighter penalties compared to more serious theft classifications like grand theft.

In the context of law enforcement and criminal justice, understanding the distinction between petty theft and other forms of theft is crucial, as it directly influences the legal approach, potential penalties, and the severity of the crime. For instance, grand theft involves items of significant value and can lead to felony charges, whereas the penalties for petty theft are generally less severe.

The other classifications presented, such as concealing property and armed robbery, do not pertain to the mere act of stealing items of low value, which solidifies the status of petty theft as the correct classification in this context.