Understanding value
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We make value judgments based on the inherent properties of a good *
Products can satisfy different needs and therefore value is multifaceted *
Value is objectively determined by factors such as the amount of time and effort it takes to create something *
We make value judgements based on consuming one extra unit *
Products only serve a single need and therefore value is one dimensional *
Value is subjectively determined based on the extent to which it satisfies consumers' needs *
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