ECON 101 SEU An Inquiry Into the Nature and Causes of Wealth of Nations Discussion

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College of Administrative and Financial Sciences
Assignment 1
Deadline: 30 September 2020 @23:59
Course Name: MICROECONOMICS Student’s Name:
Course Code: ECON101
Student’s ID Number: S
Semester: First
CRN: 10869
Academic Year: 2020-2021
For Instructor’s Use only
Instructor’s Name: Dr. Moin Uddin
Students’ Grade: Marks Obtained/05
Level of Marks: High/Middle/Low
The Diamond-Water Paradox
In “An Inquiry into the Nature and Causes of the Wealth of Nations” published in 1776, Adam Smith
wrote:
“Nothing is more useful than water: but it will purchase scarcely anything… A diamond, on the contrary, has
scarcely any use-value; but a very great quantity of other goods may frequently be had in exchange for it”
Explain the diamond-water paradox and find out in the literature how economists have
later solved this paradox.
Directions:
• Your essay is required to be two to three pages in length, which does not include the title page and reference pages,
which are never a part of the content minimum requirements.
• Support your submission with course material concepts, principles, and theories from the textbook and external reliable
sources. Use the Saudi Digital Library to find your resources.
• Use Saudi Electronic University academic writing standards.
• The assignment is graded ZERO, if Plagiarism percentage exceeds 20%.
• Review the grading rubric to see how you will be graded for this assignment.

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