Goods and services ,utility ,value , and price
anything that satisfy human wants is called goods.
goods are tangible and material outcome of production .
example food grains, pulses ,and oilseeds ,machinery implements ,seeds,fertilizer and clothes.
Services
service is any act or performance that one party can offer to another that is intangible and does not result in ownership.
there are intangible nonmaterials inseparable ,variable and perishable
example doctors ,teachers lawyers engineers labours etc.
Utility
Wants satisfying power of ccommodity is called utility.
Consumer exhibit their desire to process a good and or service.
Utility classify into different kinds
form utility
palace utility
time utility
knowledge utility
service utilit
possession utility
Form utility
created by changing form of a good example rice from paddy and flour from bread furniture from wood.
Palace utility
utility created by the removal of an article from one place to another known as palace utility example Kashmir apple have greatly utility in another place.
Time utility
utility which is created through the preservation or storage of ccommodity for sometime.
Knowledge utility
utility which is created though knowledge about a good or service for example information advertisement.
Service utility
utility created by rendering some service is known as service utility for example our teacher who teach the students, doctor who cure the patient's.
Possession utility
utility which is created by transferring the possession of an article.
greater utility from the possession and use of the article for example rice Miller has less utility of rice as compare to consumer.
Value
capacity of a good to command other things is exchange .
It is rate of exchangeability value means value in exchange .
Attribute of value
goods must possess utility
good must be a scare
good must be transferable or market table
Price
Value of goods is expressed in terms of money
price express value in terms of money.
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