define utility ? what are the types of utility
Answers
Explanation:
The four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product. The economic utilities help assess consumer purchase decisions and pinpoint the drivers behind those decisions.
Answer:
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility. ... In practice, a consumer's utility is impossible to measure and quantify.There are four different types of utility: form utility, place utility, time utility, and possession utility. The extent to which these utilities affect purchase decisions depends on the individual.