Question

write five difference between resources and utility​

Answer 1

Answer:  Ambitious

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

Explanation:

Answer 2

Answer:

Resource: Anything that can be used to satisfy human needs is a resource. OR All the objects in the environment, which are useful to man and have a value, are called "Resources".....

Utility: A thing becomes a resource when its utility has been identified. For e.g. Existence of "OIL" on Earth – millions of years, but it became a resource only when man learnt how to use it......

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