Answer the following questions in brief.
1. "Utility and value of a resource vary from time to time and place to place.' Give any three examples to
support the statement.
Answers
Answer:
Explanation:
The four kinds of economic utility are form, time, place, and possession. "Utility" in this connection relates to the value, or utility, that a customer accepts in return for interacting his business for a company's assets or assistance. Corporations attempt to accommodate maximum consumer satisfaction through approaching as many of the four types of utility as feasible.
Form
The utility of form pertains to the particular product or setting that a business offers. For example, a construction firm might attempt the raw material of rubber in the sort of automobile tires.
This aspect of construction utility involves contributing consumers under costs, higher service or a wider assortment of commodities.
Time
The advantage of time commits to the easy availability of commodities or assistance at the time when consumers demand or want to acquire them. Inscribing the utility of time affects a company's marketing plan and the logistical preparation of construction and delivery issues.
Place
The utility of place belongs primarily to manufacturing goods or assistance immediately and conveniently accessible to potential consumers. Examples of place utility range from a local store's position to how easy a company's website or assistance are to find on the Internet.
Possession
The advantage of ownership applies to the gains of consumers derive from control of a company's goods once they have acquired it. For example, if a business sells headphones, then it grants customers a computed value in entertaining to music accessible by using the headphones to enhance the functionality of a stereo system.
★ Utility and value of resources vary from time to time and place to place in the following ways ---›
- Earlier human civilisations florist along the river valleys as they are used water for irrigating fields.
- Now, human beings are using water for generating energy, irrigation, navigation and industries, etc.
- Chile and United States of America are generating more wind energy than the India.