3. Value
Instructor
TedMax
Course Overview
Understanding value is crucial to a sound understanding of money, but how do things get their value? Why is one thing more valuable to us than another? Is value fixed? Or can it change over time? Is the value of something the same to different people, or in different circumstances?
In this lesson, we build on our understanding of utility and introduce the idea of diminishing marginal utility. Don’t worry, it’s all explained in the lesson!
Then, in Economic Concepts, we look closer at the importance of scarcity, and introduce the concepts of supply and demand.
What You'll Learn?
- Explores the idea of value
- What determines the value of something?
- Diminishing marginal utility
- More on scarcity
- The effects of supply and demand on scarcity
- From age 8
- But really anyone who wants to understand money better
- Curiosity
- Completion of lesson 2 is recommended
- 1 video lesson.
- 1 video diving deeper into key Economic Concepts revealed in the lesson.
- 1 quiz to test your understanding.
teddy
olwynballantine
We enjoyed the lesson. We found question 3 in the quiz confusing. We thought the answer should read that your friend values $50 more than he values the bike. Malachy wants you to know that he got this answer right.