The Price is Right Part 1 (what is something worth?)
What is something worth to you? What is the value of something? I have heard before that something is worth what we are willing to pay for it. It is so interesting to me what we place value on. Many times when we buy something we are not basing that value on what it is but rather what we get from it. For example, a lot of times we don't buy shoes because they protect our feet. We buy the brand of shoes to make us feel faster, to make us "like mike", or maybe to make us feel more adventurous. Think about a car. We don't buy just something that gets us from spot A to spot B. We are buying something that is sporty, luxurious, or makes us feel a certain thing. In economics people determine value by supply and demand. How much do we have of it and how much of demand is there for it. Something could be very common and it will not have not much value. Something that is rare or is a special edition will cost more because it is seen as more valuable thing due to a low s...