Utility and Human Wants Quiz

Utility analysis explains a consumer’s behavior in relation to the maximization of satisfaction. It provides insights into how individuals try to satisfy their wants with available resources and the fact that all human wants cannot be fully satisfied at a specific time.

A chalk has utility for a teacher, as it satisfies the want of writing on the board during a teaching activity.

Utility is the capacity of a commodity to satisfy human wants. It represents the want-satisfying power of a good and is linked to the feeling of lack of satisfaction that drives human wants and the recurring nature of wants.

<p>The text does not provide the complete list of features of utility. It ends abruptly with 'Following are the feat.'</p> Signup and view all the answers

<p>Wants differ with age, gender, seasons, habits, and culture, reflecting the varying nature of human desires and preferences across different demographic and environmental factors.</p> Signup and view all the answers