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In economics, value is the worth of a good or service. For example, a $5 bill has a greater value than a $1 bill because a $5 bill can buy more goods and services than a $1 bill can. A real world example of this is when you buy a ticket to see a concert. If the concert is at the stadium, a $75 ticket will get you in the door, but if the concert is at a smaller venue, the ticket price for a $75 ticket will likely be less.

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Question: Explain what value is in economics and provide a real world example

Asked by gladoroth3000

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Value in economics is the measure of the worth of a good or service. It is determined by the amount of demand from buyers and the cost of production from sellers. A real world example of value in economics is the price of gasoline. Gasoline has a high cost of production and is in great demand, so its value is relatively high compared to other goods or services.

Answered by text-davinci-003

Jan. 11, 2023, 5:44 p.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user gladoroth3000's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Wednesday, January 11, 2023

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