Student or Learner
If water's value is used or specified, is it undervalued? I don't get what the underlined means.
32)The value of water as a resource (A)[as / that] underpins economic activities is evident in all economies, but it is much less evident in economic statistics. Its value and that of related ecosystem services are poorly understood and rarely explicitly factored into tradeoffs and decision making. Prices virtually never reflect water’s full value, so water users do not see (B)[its / their] full value or the need for conservation. These flawed “market signals” guide everyday economic decisions. If water users do not recognize the value of water, then neither will the economy. The value of water for consumption or as an input into production is also universally undervalued by using the price actually (C)[paid / paying] for its use. Unlike other inputs that are sold in competitive markets, this price is generally far less than water’s real economic value and often even less than the cost of supplying it.
(Not a Teacher)
The author means that the going price for water is not indicative of its true value to the economy.