Types of utilities created by production
- Form utility – This is changing the form of a commodity by converting raw materials to finished goods. It is done through processing/manufacturing.
- Time utility – This is created when a good is stored until when it is needed..done through storage or warehousing
- Place utility – This is movement of goods and services from one place to another. Done through transportation
- Possessive utility – Refers to transfer of ownership of goods and services from one person to another. Done through trade, gifts
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