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Explain the Types of Utility. - Economics

Answer in Brief

Answer the following question .
Explain the types of utility.

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Solution

The following are the different types of utility:

  1. Form utility- Increase in utility due to change in shape of good is termed as form utility.
  2. Place utility- Increase in utility due to change in the place where it is consumed is called place utility.
  3. Time utility- Increase in utility due to change in the time of usage is called time utility.
  4. Service utility- When services are rendered to the consumers by service providers or professionals, it is called service utility.
  5. Knowledge utility- Increase in utility due to an increased knowledge about a good is known as knowledge utility.
Concept: Types of Utility
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