TED-ED: The paradox of value - Akshita Agarwal

The video explores the paradox of value, illustrating how value is context-dependent using a game show and desert scenario. It introduces the concept of utility, explaining how it unifies exchange and use value. The video further delves into marginal utility and the law of diminishing returns, showing how these concepts influence decision-making. Finally, it discusses maximizing utility and emphasizes that value originates from individual needs and choices.

In what ways can understanding opportunity cost affect decision-making?

Discuss how personal circumstances can change the perceived value of an item.