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Furthermore, for a commodity to have value, it must possess the following three characteristics. 1. Utility It should have utility. A rotten egg has no utility because it cannot be exchanged for anything. It possesses no value-in-exchange. 2. Scarcity Mere utility does not create value unless it is scarce. This aspect of Basic Concepts Of Economics plays a vital role in practical applications.
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Final Thoughts on Basic Concepts Of Economics
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Remember, mastering basic concepts of economics is an ongoing journey. Stay curious, keep learning, and don't hesitate to explore new possibilities with Basic Concepts Of Economics. The future holds exciting developments, and being well-informed will help you stay ahead of the curve.