Author Question: Name and explain the four types of economic utility.[br][br][b][color=gray]Question ... (Read 117 times)

cmoore54 · **on:** Jun 29, 2018

Name and explain the four types of economic utility.

Question 2

Define entrepreneurship. Why is it an important economic resource?

bfulkerson77 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

Time utility means making a product available at a time when consumers want it. Place utility involves making a product available where consumers want it. Form utility occurs when the actual form of the product attracts consumers. Possession utility means providing different ways for consumers to own a product.

Answer to Question 2

Entrepreneurship is the ability to envision new opportunities and undertake them. Most businesses begin with entrepreneurship, and entrepreneurship is essential to developing new products and services.