By Using Consumer Choice Theory,explain Why Diamonds,which Are Not Necessary

question 31

Essay

By using consumer choice theory,explain why diamonds,which are not necessary to sustain life,are expensive,whereas water,which is necessary for life,is not.

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Definitions:

Indigenous Cultures

refers to the customs, practices, languages, values, and world views that are inherited from generation to generation by original inhabitants of regions, distinct from global dominant cultures.

Unethical Business Practices

Unethical business practices encompass behaviors and decisions by individuals or organizations that are dishonest, fraudulent, or otherwise violate ethical standards.

Globalization

The process of increased interconnectedness and interdependence among countries, primarily driven by trade, investment, and technology.

Interdisciplinary Approach

An approach that integrates methods, perspectives, and knowledge from multiple disciplines to address complex issues more effectively.