Defining the term Utility was a very difficult work to do. But with the passage of time and involvement of many professionals in it. Finally the definition was found due to all of them.
Most important were Chapman and Prof. Boulding.
But now it was the time to found out a way to measure it. It was really a difficult task as consumers have different wants and their wants vary with respect to their abilities. Even now there is no exact way to find it out. But due to some considerations and Facts applied. Two ways are found to measure it.
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Most important were Chapman and Prof. Boulding.
But now it was the time to found out a way to measure it. It was really a difficult task as consumers have different wants and their wants vary with respect to their abilities. Even now there is no exact way to find it out. But due to some considerations and Facts applied. Two ways are found to measure it.
- As per the Money -
Needs have to be satisfied as per the Money. For example - if a consumer have certain amount of money then he/she had to manage her needs and to fulfill them within that certain amount of money. - As per the Time -
Want satisfying quality of a good or service always changes with time. As firstly a commodity is liked much by us, but with continuous supply our needs starts to get less fulfilled by that. Exeptions - alcoholic people = Drunkards need more and more alcohol with the continuous supply.
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