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URL:https://www.learndesk.us/class/5224100152737792/lesson/08cd7945ca4ca05b69d3265557b0a104?ref=outlook-calendar
SUMMARY:Concepts of Value
DTSTART;TZID=America/Los_Angeles:20260515T190000
DTEND;TZID=America/Los_Angeles:20260515T200000
LOCATION:https://www.learndesk.us/class/5224100152737792/lesson/08cd7945ca4ca05b69d3265557b0a104?ref=outlook-calendar
DESCRIPTION: Basic value determinants
Price is not something of value in itself. It is only a number that quantifies value. The economic issue underlying the interplay of supply and demand is, how do trading parties arrive at the value of a good or service as indicated by the price. Consider consumer demand for air conditioners. Why do air conditioners have value? How do they command the price they do?
The value of something is based on the answers to four questions:
 How much do I desire it?  How useful is it?  How scarce is it?  Am I able to pay for it?
Desire. One determinant of value is how dear the item is to the purchaser. Returning to the air conditioner example, the question becomes "How much do I desire to be cool, dry, and comfortable?" To a person who lives in the tropics, it is safe to say that air conditioning is more valuable than a heating system. It is also safe to say the opposite is true for residents of northern Alaska.
Utility. The second determinant of value is the...

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