Business Essentials (11th Edition)
Business Essentials (11th Edition)
11th Edition
ISBN: 9780134129969
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
Question
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Chapter 7, Problem 7.1QR
Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Expert Solution & Answer
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Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

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