Question

Write Short Notes on the following:
Types of Utility or Forms of utility.

Answer 1

Types of utilities:

• Form utility: this utility is derived when you change a form of something into a thing which satisfies your want.
  
• Place utility: this utility is derived when you can transport goods from one place to another.
  
• Time utility: it is derived by keeping or storing goods over a period of time so that they can be used later.
  
• Service utility: it is derived by rendering professional services to consumers.