Business, 02.02.2020 23:56 Racc

What is time utility and possession utility?

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The four types of economic utility are form, time, place and possession. "Utility" in this context refers to the value, or usefulness, that a purchaser receives in return for exchanging his money for a company's goods or services.

Answer from: annie901

Definition: Time Utility. Many companies educate their business, marketing and advertising professionals about the customer purchase behaviour and needs of the consumers which create a utility function. There are total four types of utilities which are form, possession, place and time. Time value of Option.

Possession utility is the value customers have while buying a product and they have the choice to use the product for the purpose it was made for or finding a new way to use the product. However, The marketing utility that allows the customer to physically access what they bought, it is referred as "possession".

Explanation:

Answer from: Quest

I'm pretty sure it's true

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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