A reminder that value is subjective, not an inherit property of a substance or item.read more
But, one must remember that what we pay for something is entirely subjective. There are different degrees of subjectivity, though. In the 1800's, less than the amount of nutmeg you can hold in your hands could buy you a house. That's an upper level of subjectivity. The lower end of subjectivity is based on supply and demand and biological necessity.
For instance, if oxygen were to be very rare, it would be the most expensive thing on the planet. But, it's not because the supply is much larger than the demand.
The same thing goes for food. The amenities are more on that upper end of subjectivity. If oxygen were to become rare, the prices of diamonds and gold would plummet.