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[51] Camera: Additional comments to Skippy's answer I feel that Skippy's answer to 57 did overlook an important element to the
question. That is the idea that these goods are scarce. It is true that with
changing technology and new discoveries, the scarcity of these goods can
change at any time. However, it is the element of the unknown that brings
about undervalued goods. For example, we are aware that eventually the
earth's supply of fossil fuel will be depleted. But do we really know how
many more trips to Chevron we can take? When do we outlaw gasoline cars and
convert to natural gas? This also brings the individual's opinion on how
important driving is to he or she. Are you willing to pay $15/gallon in
order to drive to work? All these elements determine the value of gasoline
and because we don't really know what it will take to give up the old Chevy,
our system of valuing is only an estimate. |
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