Final answer:
Something is valuable if it is scarce and has utility, meaning it must be desired and provide satisfaction to someone, leading them to be willing to trade something for it.
Step-by-step explanation:
When assessing the notion of value in an economic context, something is considered valuable if it is scarce and has utility. In practice, this means it must be desired by someone and have the usefulness that provides satisfaction adequate enough for a person to be willing to exchange money or other goods for it. This encapsulation of value touches upon the economic principles of scarcity, production, and personal preference, which are fundamental to understanding what makes an item valuable.
Value does not solely depend on whether a resource was produced (option a) or if it's a good or service (option c), and it certainly isn't valuable just because it doesn't involve a trade-off (option d) because nearly all goods and services come with trade-offs due to scarcity. Instead, the essence of value, according to economists, stems from its scarcity and the utility it provides—basically, the benefit or satisfaction received by the consumer (option b). For example, a piece of art may have value not only for its cost of production but also for the aesthetic pleasure it brings to its owner. Likewise, a wilderness area might be valuable not merely for its raw materials but for the recreational enjoyment and environmental benefits it provides.