- Supply and Demand
- Diminishing Marginal Utility
- Subjective Value
- Imperfect Information
This guy says it all. Love it, and love this guy!
Respond to his comments, try to support and/or refute his assertions, specifically at 18 minutes in to the end.
http://www.youtube.com/watch?feature=player_embedded&v=PFb6NU1giRA
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Share your unique economics experiences. What did you have to give up to gain that which at the moment seemed so necessary to you? Imperfect information spanked you and now diminishing marginal utility smacks you upside the head, eh?