Question

Identify and explain the concept from the given illustration:

My father purchased a two wheeler vehicle. This helps to fulfil my travel needs.

Answer 1

Identified concept: Utility

Explanation of concept: Utility refers to the satisfaction or usefulness obtained from consuming a good or service. In this case, your father’s purchase of a two-wheeler helps to fulfil your travel needs, giving you satisfaction and convenience. Hence, the concept illustrated is utility, i.e., the want-satisfying power of a commodity.