Saudi Electronic University the Diamond Water Paradox Discussion

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.

I DO NOT WANT ANY SIMILARITY IN THE SOLUTION TO PREVIOUS HOMEWORKS OR ASSIGNMENTS AND PLEASE DONT TAKE FROM THE INTERNET BECAUSE THE ASSIGNMENT THEN WILL BE GRADED ZERO THANK YOU.

Directions:

• 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.