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ASPECT’S OF UTILITY

Dr Alfred Marshall has explained utility analysis of demand in his book   “PRINCIPLES OF ECONOMICS” published in 1890. His study of demand is based on the marginal utility analysis. The demand for a commodity depends on the utility of that

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UTILITY – TYPES OF UTILITY

Production refers to “the creation of utility having value-in-exchange” The process of production may create six types of utilities. 1] Form utility – Form utility is the most obvious utility added in the process of production. It refers to a

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UTILITY – ASPECTS OF UTILITY

Dr Alfred Marshall has explained utility analysis of demand in his book “PRINCIPLES OF ECONOMICS” published in 1890. His study of consumer’s demand, which depends on the utility or “the want satisfying capacity of a commodity”, is based on the

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Posted in General Economics

BASIC CONCEPTS – CONSUMPTION

CONSUMPTION Consumption means satisfaction of wants through commodities and services. “Consumption a is deliberate destruction of utility for satisfaction of wants” Consumption may be [a] Final consumption. [b] Wasteful consumption / extravagant consumption. [c] Indirect consumption- Consumption is the beginning

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BASIC CONCEPTS – PRODUCTION

PRODUCTION: Production is fundamentally different from creation. Nature creates while man produces. Creation implies production of something out of nothing. Production, on the other hand implies changing one commodity into another commodity i.e in common speech it is generally used

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Form utility

Form utility   Q] Define and explain form utility. Form utility is the want satisfying capacity and therefore the value given to a product due to a change in its form. Form utility is the most obvious utility added in

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