Question

Which type of utility can only be added by the maker of the product

Answer 1

Answer:

FORM UTILITY

Explanation:

Utility is an economic term referring to the total satisfaction received from consuming a good or service. In economics, goods are materials that satisfy human wants and provide utility (useful), for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods that are tangible property, and services, which are not physical. The economic utility of a good or service is important because it will influence the demand, and therefore price, of that good or service. Non-economic goods are goods or services that are plentiful and free. Air and sunshine are considered non-economic goods since they are neither scarce nor valuable.

An economic good is a physical object that has value and can be sold; Some examples include any kind of food, cars, toys, cloths, furniture, house, any tangible object.

An economic good can also be a service that has value and can be sold; some examples include haircuts, gym membership, restaurant (both goods and service), plumber, electrician, carpenter, beautician, tax accounting, doctors, lawn care workers, dentists, etc.  Therefore, you could buy goods, that go from pure service, to mostly service, to half service and half goods, to mostly goods and then pure goods (commodity).

Form Utility

Form Utility can be define as the practice of enhancing a product’s attractiveness to consumers by altering its appearance. One way to do that is to assemble a number of components instead of just selling the raw materials. Form utility can also involves making a product ready for consumption by converting it to a form that is more beneficial to consumers than the raw materials used to make it.

Answer 2

A: 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.