What economic utility has to do with how and where a product is made available to the public, whether it be a physical storefront anywhere in the world, a website, or an app?

Question

What economic utility has to do with how and where a product is made available to the public, whether it be a physical storefront anywhere in the world, a website, or an app?

(1 point)
Responses

form

form

time

time

place

place

possession

possession

Answer 1

The economic utility that has to do with how and where a product is made available to the public is place utility. Place utility refers to the convenience and accessibility of a product to customers, whether it is through physical storefronts, websites, or apps. It focuses on the location and distribution channels of a product, ensuring that it is easily accessible to the target consumers.

Answer 2

What are the five types of economic utility?

(1 point)
Responses

labor, opportunity, profits, losses, margins

labor, opportunity, profits, losses, margins

implicit, explicit, supply, demand, information

implicit, explicit, supply, demand, information

form, time, place, information, and possession

form, time, place, information, and possession

land, labor, loans, capital, entrepreneurship

Answer 3

The five types of economic utility are form, time, place, information, and possession.

Answer 4

The economic utility that has to do with how and where a product is made available to the public is "place utility." Place utility refers to the value that customers derive from the convenience and accessibility of buying a product at a certain location or through a particular channel. It can refer to both physical storefronts located anywhere in the world and online platforms such as websites or apps. By providing easy access and convenient locations, businesses can enhance the place utility of their products and attract more customers.