Utility
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Usefulness
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1. Meaning: -
Utility is the capacity of a commodity to satisfy human wants.
2. Nature of commodity: -
A product may have utility irrespective of the commodity is useful or harmful.
3. Example: -
All Commodities have utility such a scars, clothes, consumer durables, and even harmful products like cigarettes, narcotics, (drugs).
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Anything (goods or services) are useful, if they satisfy human want and generate human welfare.
A product has useful only when it generate consumer welfare. Harmful products may not generate usefulness.
Products such as food items, medicines, clothes, etc., are useful items. Also services such as education, recreation, etc., are useful to people.
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UTILITY USEFULNESS
