Question

what do you mean by utility ? what are the different types of utility?​

Answer 1

Answer:

Utility: A substance has utility if it can be used in any possible way to satisfy our needs.

Explanation:

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Answer 2

Answer:

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Explanation:

The simple meaning of ‘utility’ is ‘usefulness’. In economics utility is the capacity of a commodity to satisfy human wants.

Utility is the quality in goods to satisfy human wants. Thus, it is said that “Wants satisfying capacity of goods or services is called Utility.”

Different Types of Utility:

In economics, production refers to the creation of utilities in several ways.

Thus, there are following types of utility:

1. Form Utility:

This utility is created by changing the form or shape of the materials. For example—A cabinet turned out from steel furniture made of wood and so on. Basically, from utility is created by the manufacturing of goods.

2. Place Utility:

This utility is created by transporting goods from one place to another. Thus, in marketing goods from the factory to the market place, place utility is created. Similarly, when food-grains are shifted from farms to the city market by the grain merchants, place utility is created.

Transport services are basically involved in the creation of place utility. In retail trade or distribution services too, place utility is created. Similarly, fisheries and mining also imply the creation of place utility. Place utility of a commodity is always more in an area of scarcity than in an area of scarcity than in an area of abundance e.g., Kashmir apples are more popular and fetch higher prices in Pune than in Srinagar on account of such place utility

3. Time Utility:

Storing, hoarding and preserving certain goods over a period of time may lead to the creation of time utility for such goods e.g., by hoarding or storing food-grains at the time of a bumper harvest and releasing their stocks for sale at the time of scarcity, traders derive the advantage of time utility and thereby fetch higher prices for food-grains. Utility of a commodity is always more at the time of scarcity. Trading essentially involves the creation of time utility.

4. Service Utility:

This utility is created in rendering personal services to the customers by various professionals, such as lawyers, doctors, teachers, bankers, actors etc.

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