'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:
Utility refers to a thing's effect on the physical world, while value refers to a thing's effect on a person's mind.
Explanation:
EXAMPLE 1
Handing a car dealer money has no effect on the car you want, but it affects the mind of the dealer, who then allows you to take the car. So in that example the money has no utility, only value.
EXAMPLE 2
Social utility is a service, or characteristic, that benefits the majority of population of any given society. For example: a service which benefits about 80 or 90 % of population at the cost of the other 10-20% considered as social utility.
EXAMPLE 3
Examples of social values include: Not hurting others and also standing up for those who can't stand up for themselves.
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.