ECO IMP FOR 12TH || UTILITY ANALYSIS || TYPES OF UTILITY

Economic Class 12th -
Chapter 2 -Utility Analysis
Q. Types of Utility
1. Form utility
2. Place utility
3. Service utility
4. Knowledge utility
5. Possession utility
6. Time utility
1) Form utility:
When utility is created due to a change in the shape or structure of existing material, it is called form utility.
For example, toys made of clay, furniture from wood, etc.
2) Place utility :
When the utility of commodity increases due to a change in its place, it is called place utilities. For example, woolen clothes have more utility at cold places than at warm places. Transport creates place utility.
3) Service utility:
Service utility arises when personal services are rendered by various professionals. For example, services of doctors, teachers, lawyers, etc.
4) Knowledge utility:
When a consumer acquires knowledge about a particular product, it is called knowledge utility. For example, the utility of a mobile phone or a computer increases when a person knows about its various functions.
5) Possession utility:
Possession utility arises when the ownership of goods is transferred from one person to another. For example,
transfer of goods from the sellers to the buyers.
6) Time utility:
When the utility of a commodity increases with a change in its time of utilization, it is called time utility. For example, a student has more utility for textbooks during examinations than in vacations. Time utility is also observed when goods are stored and used at a time of scarcity. For example, Blood bank
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