Increasing Utility Methods, Business Economics Assignment Help

Business Economics - Increasing Utility Methods, Business Economics

Increasing Utility Methods

Addition of utility or value takes the following terms-

1. By changing form: When we transfer the shape, colour, size etc. of a material to make it more useful it is called production through change of form, for example we change wood into chair through change of form.

2. By changing of place: When we transport goods from one place to another where it has less utility to another where it commands more utility, for example selling Kashmir apples in Rewa.

3. By change of time: Through the process of proper storage we can store goods to be used during lean periods, thus giving them more value at a later date. This is known as through time utility. For example rice, gurh, wine etc. gain in value through preservation.

4. By changing possession: When the ownership of goods is transfer to make it more useful such a transaction is called production through change of possession. For instance when a student purchasing books from the bookseller its utility goes up.

5. By change of service: when utility is increased through service instead through service. It is called production through service. For example the services of a teacher, lawyer, policeman, servant etc. create utility through service.

6. By creating knowledge: utility can be raised by increased knowledge as well. For example a person who is ignorant about the cleansing property of sunlight soap derives no utility of it, but through advertisement the usefulness of sunlight soap be made known to the people, which helps them to derive utility from it.

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