Maharashtra State BoardHSC Commerce 12th Board Exam
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Give Reason Or Explain the Following. - Economics

Short Note

Give reason or explain the following.

Utility and satisfaction are different concepts.

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Solution

Utility is the quality in commodities that makes individuals want to buy them, and the fact that individual want to buy commodity shows that they have utility”
Defined by............. (Mrs. Joan Robinson)
 
Different from satisfaction : - Utility is not same as that of satisfaction. Utility is the power of commodity which a consumer expects before consuming a commodity. But satisfaction is something which he realize after consuming it.
Concept: Meaning of Utility
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