May 2024
Intermediate to advanced
688 pages
51h 31m
English
Content preview from Business Environment, 1st Edition by Pearson
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Chapter 1: The Functioning of an Economy: Basic Concepts | 7 |
Utility is a subjective concept. It varies from individual to
individual. To a vegetarian, mutton will not have any utility. A
cigarette does not give any satisfaction to a non-smoker; for him, it
does not have any utility. However, mutton and cigarettes are still
economic goods because they are scarce, marketable and carry a
price, irrespective of the fact they do not have any utility for non-
users.
Utility does not vary merely from individual to individual. It
may also vary in the case of the same individual at different times
and in different situations. Thus, woollen clothes would have less
utility to a person in summer than in winter. A raincoat would have
different utility ...
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