the world. Rather, an acting individual is faced with the choice between definite quantities of goods, and the choice made by such an actor is determined by which good of a specified quantity will satisfy the individual's highest subjectively ranked preference, or most desired end. Water is very abundant, therefore its marginal utility is not that high, despite its important function in keeping organisms alive. See also Behavioral economics Expected utility hypothesis Intrinsic theory of value Labour theory of value Marginalism Power theory of value References Theory of value (economics) Subjectivism Utility