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Question: In your words Explain what paradox of value is in economics and provide a real world example
Asked by gladoroth3000
In economics, the Paradox of Value is the idea that something that has a low intrinsic value or price can be seen as more valuable or essential than something that has a higher intrinsic value or price. An example of this would be a scarce resource such as water. Even though it may not have a high monetary value, it is essential to life and therefore is seen as more valuable than something that has a higher price tag.
Answered by text-davinci-003
Jan. 11, 2023, 12:57 p.m.
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