I think it was termed Subjective Value in Economics class. Bear in mind back when I was in college, there were probably fewer theories.The basic premise was that objects do not have have an inherent value and that any worth springs completely from people's desire for them. People's needs change over time and by circumstance; therefore, stronger desire would prompt a greater worth for that individual. For example, if you were stranded in a desert, dying of thirst, you'd certainly value a container of water over another filled with diamonds.
Keeping this in mind, there are some examples of common household products that do not seem to follow suit. First of all, I love bleach. I love regular gallon-jug-sized liquid bleach. It seems to me to be terribly underpriced at $1.25. The container alone is worth that. If bleach suddenly increased to $6.50 a bottle, I'd still buy it. Secondly, I think those little bottles of hydrogen peroxide are worth more than $0.75 Just watching the H202 bubble on a fresh cut or wound is worth the price of the whole bottle. Also, although bothered by excessive ear wax for 46 years, for the first time, I put hydrogen peroxide in my ear to unblock it. It worked very well and the bubbling sensation was really rather fun!
Maybe I should go find a new hobby.
