Lesson 7 of 11 · 6 minutes
Subjective value
Value is not inside the object. Value is assigned by acting people according to their ends.
Situation
A bottle of water is nearly worthless in your kitchen but precious to a stranded hiker.
What changed?
Answering is the main action. The other two controls open the distinctions without marking the lesson complete.
Goal, means, alternative
Find one object near you. Name three people who would value it differently and why.
The same thing can occupy different places in different value scales. That is the doorway into price, exchange, and markets.
Menger's marginal revolution located economic value in the relation between goods and human wants. Open the source for this claim →
Connected lab
See the same distinction move.
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No graded answer