do all resources have economic values discuss in 50 words
Answers
Answer:
Not all resources have economic value. The air we breathe does not have an economic value because it's basically unlimited. One can easily imagine if there was a moon colony that you have to pay a water, electricity and an Air bill because the air is not unlimited and it would have to be made and or imported.
Resources have value because they are scarce and because some people want them. If no one wanted diamonds then they would have no value. And people want air but it's not scare on Earth so it likewise has no value.
But for instance something like iron is both scarce and valued by people. Because it's valued by someone that means they are willing to give something up for it. Because we have private property (ish) they people who value the iron can't simply steal (I mean they can, but the owner of the iron can use force to protect his assets). Since money gives us a common unit of exchange the person who has the iron can sell it to someone who values the iron more than they value their money.
Thus, scarce and valuable resources have value because someone values their money (or something else) less and is willing to trade.
Explanation:
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Answer:
hey here is your answer
Value means worth. Some resources have economic value, some do not. For example, metals may have an economic value, a beautiful landscape may not. But both are important and satisfy human needs.
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