ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Utilities (water, electricity and gas) are essential services that play a vital role in economic and social development. Quality utilities are a prerequisite for effective poverty eradication.

Detailed explanation-2: -Utility services include telecommunications, electrical utilities, natural gas, certain transportation services, and also water and wastewater treatment services provided by private companies.

Detailed explanation-3: -Factory utilities are generally classified as inventoriable costs. inventoriable costs are the costs that are involved in the product’s cost.

Detailed explanation-4: -Utilities expense is the cost incurred by using utilities such as electricity, water, waste disposal, heating, and sewage. The expenses are incurred over the course of the reporting period, calculated, and accrued for, or payment is rendered.

Detailed explanation-5: -Today it is one of the most important inputs for many economic activities, including water, energy and food production. Water is used extensively not only in hydroelectric production but also in the production processes of new energy sources like fossil fuels or shale gas.