Question

differences between utility and value of resources with suitable examples ​

Answer 1

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Utility is the economic term for satisfaction. A basic economic insight is human beings act purposefully to satisfy wants or to remove discomfort. ... However, utility is not the same thing as market value, which is expressed in dollars, because utility is personal and market value is aggregated and impersonal.

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Answer 2

Differences between utility and value of resources:

Utility of resource:

• Utility of resource is the perceived value of the resource. It is not the original value of the resource.

• It is subjective term. Like, a utility of resource can be higher for one person and lower for the other.

• For Example: Utility of a book that costs 100rs is more to the student while 100rs itself only can be of more value to the homeless person rather than a book.

Value of the resource:

• Value of the resource is the measurement of the benefit provided by the resource.

• Value is the benefit that can be gained from the use of resource.

• For Example: Economic value is the benefit that can be achieved by the purchase of the goods or use of particular service.

To know more:

 Who is the author of law of diminishing marginal utility?

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