Does the amount of something affect its price?

The amount of something does affect its price, think about it. There is so much water out there in the world that we can always use. The price of water that you buy in the store is significantly cheap. The price of water is cheap because there is so much of it. There are several cases and gallons of water at mostly every store. If the store chose to raise the price of water then there wouldn't be as much to sell. People wouldn't buy it at that store they would just go somewhere else. On the other hand there is a limited amount of diamonds in stores. Diamonds are generally used for jewelry. There is not a large amount of jewelry in many stores, Therefore the price of the diamonds/jewelry go up. If there is a lot of one good in a store then it generally is cheap. If there is very little of one good in a store then the price is higher. This is just like how it is outside of stores. Diamonds are scarce therefore they are very expensive. People just want diamonds they don't need them to survive. People also want water and they need water to survive so its cheap. Diamonds and jewelry are wants and water is a need. Not just diamonds but scarce resources are very expensive and things like water or toys are cheap because they are not scarce. This can all change in the future. More and more diamonds are going to be discovered in the next few years. Then they will not be considered a scarce resource. The price of them will go down and they will become cheaper. On the other hand water can become scarce in the far future. Waters price will go up because there wont be as much of it. It's like diamonds and water are going to switch places. Why do so many people want diamonds over water?
SOURCE: Global Issues In Context
TITLE: The Price of Goods
SOURCE: JSTOR
TITLE: Diamonds and Water affect prices
http://www.jstor.org/stable/info/2463857?&Search=yes&searchText=water&searchUri

http://find.galegroup.com/gic/retrieve.do?sgHitCountType=None&sort=Relevance&tabID=T006&prodId=GIC&resultListType=RESULT_LIST&searchId=R7&searchType=&currentPosition
SOURCE: fashionbizinc.org