What do you mean by utility …
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Yogita Ingle 7 years, 4 months ago
Utility: The simple meaning of ‘utility’ is ‘usefulness’. In economics utility is the capacity of a commodity to satisfy human wants. Utility is the quality in goods to satisfy human wants. Thus, it is said that “Wants satisfying capacity of goods or services is called Utility.”
Resource: Anything which has some utility for us is called a resource. Some resources have economic value, while some do not. For example; milk has economic value, but a beautiful landscape has no economic value.
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