Agro-Finance Lecture-3 some fundamental terms of economics


Utility: It is a quality of a commodity to satisfy human need



Download 27.26 Kb.
Page2/3
Date17.12.2020
Size27.26 Kb.
#55197
1   2   3
3 Agro-Finance Lecture-3 Ist Semester 1 8 2011
Utility: It is a quality of a commodity to satisfy human need. Its characteristics are:

  1. It is not inherent or internal but imposed quality or characteristic.

  2. It varies from person to person, e.g. wine, mutton, toy, book etc.

  3. It is present in both useful and harmful things, e.g. milk, drug etc.

  4. It is a psychological and not physical trait.

  5. It depends on many things, particularly income.

  6. It cannot be measured by M, L, T directly but it can be measured by exchange value (Rs 10/ for a pen, Rs 2 for a pencil etc) or by unit measurement ( 1 Pen=5 Pencils).




  1. Download 27.26 Kb.

    Share with your friends:
1   2   3




The database is protected by copyright ©ininet.org 2024
send message

    Main page