<div>
<select name="location">
<option value="1">one</option>
<option value="2">two</option>
<option value="3">three</option>
</select>
</div>
<div id="output">
</div>
$("select[name=location]").change(function(){
console.log($(this).val()); //value값 가져오기
console.log($("select[name=location] option:selected").text()); //text값 가져오기
});