Question

Describe who determines whether the goods or services are valuable.​

Answer 1

Answer:

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No single person can. Value are separated into two which is intrinsic value, extrinsic value. Intrinsic is the value that an item would always have like how pencil is valuable because it can be used to write or how muscle strength are valuable to move object around. Extrinsic value are just how much value added on top of intrinsic value by economy rule. Let's return to pencil: back when computer didn't exist and you have to write by hand, you can reduce the amount of pencil that hit the market in order to artificially increase the value of it due to rule of supply and demand. Now, even if someone reduce the amount of pencil to sale people can just switch into computer in order to write. It's value is still there, it's just aren't as valuable as it lost it's extrinsic value. Money is an interesting case as it had no intrinsic value and only extrinsic value, this is proven by how useless it is during a disaster as people aren't going to trade important supply for money.

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Hence why no single person can determine it, extrinsic value mean that a feedback is required in order to increase or decrease a value and the intrinsic value would stop something from going completely valueless unless it had no intrinsic value in the first place.

Answer 2

The buyer

determines whether the goods or services are valuable.

maybe it's helpful..