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Explain the types of utility. -

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प्रश्न

Explain the types of utility.

थोडक्यात उत्तर

उत्तर

Types of Utility

  1. Form utility: If the physical form of a commodity is changed, its utility may increase. Eg. Cotton increases, if it is converted into clothes.
  2. Place utility: If a commodity is transported from one place to another, its utility may increase. Eg. If rice is transported from Tamilnadu to Kerala, its utility will be more.
  3. Time utility: If the commodity is stored for future usage, its utility may increase. Eg. Agricultural commodities like Paddy, Wheat, etc. are stored for the regular uses of consumers throughout the year.
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