What determines the value of an item:

What determines the value of an item:

a. the amount of goods that are produced,

b. the capital required to build the factory,

c. the unlimited wants of the consumers,

d. the resources consumed in production.


A good is an item that is produced and consumed to provide utility. Goods are consumed and scarce when related to demand; thus, they require human effort to be acquired. For instance, one has to work to get an income that will be used to purchase the goods. Goods can be private, public, consumer, or intermediate.

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