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Identify and explain the concept from the given illustration: Salma purchased sweater for her father in winter season. - Economics

Short Note

Identify and explain the concept from the given illustration:

Salma purchased sweater for her father in winter season.

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Solution

Concept: Time utility

Explanation:

When the utility of a commodity increases with a change in its time of utilization, it is called time utility. Time utility is also created by storing good and making it available during the time of need or scarcity.

Concept: Utility Analysis
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 2 Utility Analysis
Exercise | Q 3. (1) | Page 16
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