Final answer:
The value of a property is determined by the cost to purchase a property of similar usefulness, which is known as the Principle of Utility.
Step-by-step explanation:
The principle mentioned in the question is known as the Principle of Utility. According to this principle, the value of a property is determined by the cost to purchase a property of similar usefulness. It is a concept used in economics to understand how individuals make decisions based on the utility or satisfaction they derive from a good or service.
In simpler terms, the principle suggests that the value of something is based on how useful it is to people. According to the economic law of diminishing marginal utility, the utility derived from each additional unit decreases after a certain consumption point, which in turn can affect the calculation of an item's value.