[Answer] What determines the monetary value of a good or service? why are some necessities less expensive than unnecessary items?

Answer: scarcity and utility

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What determines the monetary value of a good or service? why are some necessities less expensive than unnecessary items? What determines the monetary value of a good or service ? why are some necessities less expensive than unnecessary items? scarcity and utility List 4 characteristics of the accumulated goods that make up economic wealth . Utility and scarce determines the monetary value reasons why necessities can be less expensive than unnecessary items like diamond aren't found anywhere Thu Jan 04 2018 · When a supply is plentiful and there is less demand the good or services general decrease in cost. When there is less supply than there is demand the good or service increases in cost. So If a necessity is less expensive than an unnecessary item it could be based on the simply supply and demand issue. Guided Reading Activity Review Questions Directions: Read each main idea and answer the questions below. Refer to your textbook as you write the answers. A. Main Idea: Societies do not have enough productive resources to satisfy everyone's wants and needs. 1. Explain the difference between a want and a need. 2 . Economics is a study—as well as a social science that uses description analysis explanation and prediction—that deals with people's efforts to satisfy wants and needs through ma...

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