ECNOMICS

Q1) WHAT IS UTILITY AND WHAT ARE THE TYPES OF UTILITY? A) CAPACITY OR POWER OF A GOOD TO SATISFY HUMAN WANTS IS CALLED UTILITY TYPES OF UTILITY Form utility - BY changing the shape of the product the utility of the product increases. ex-wood is converted into furniture like chair which has greater utility. Place utility - The utility of the product changes due to the change of the product from one place to another place . ex- wood has less utility in forest but when it is bought to the market its utility increases./it has greater utility. Time utility-