Explain why an object only becomes a good by Dr. Robert Murphy @Mises

Question 17 / 21: Explain why an object only becomes a good when a person incorporates it into his plans.

Answer:

Something is a good not because of its physical properties, but

because a person subjectively values it. If people didn't enjoy

smoking, then tobacco would cease being a (production) good

and would be the equivalent of a weed. A person values an object

as a good because the person has a plan in which that object will

help to achieve a goal.

Sample Partial Credit Answer

A person gives value to a good by thinking about it.

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Economy Foundations

Access: Public Peer Review

Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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