ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Opportunity cost
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Value
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Utility
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Services
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Detailed explanation-1: -Utility, in economics, refers to the usefulness or enjoyment a consumer can get from a service or good. Although the concept of utility is abstract, it is a useful way to explain how and why consumers make their decisions. “Ordinal” utility refers to the concept of one good being more useful or desirable than another.
Detailed explanation-2: -Utility refers to the total satisfaction or value that you get from consuming a particular product or service. Utility values are critical for determining why different goods have different costs and levels of demand. Products with higher utility usually have more demand, meaning they can command higher prices.
Detailed explanation-3: -efficacy practicality avail mileage convenience fitness profit utility.