By turning raw materials into finished goods, production creates form utility.
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Show Does production create form utility?Production of any commodity creates some satisfaction or utilities of form, time and place. Production is not possible without the utility of form, time and place.
What utility is created by people converting raw materials?Form utility is created by converting raw materials, employees, finances, and information into finished products.
What type of utility does production create how is it created?Form Utility: Production makes products available: By converting raw materials and human skills into finished goods and services, production creates form utility, as when Regal Cinemas combines building materials, theater seats, and projection equipment to create entertainment.
What is utility How does production create utility?Production utility is the utility that is created when the inputs are converted into outputs. The factors of production are used to produce those goods and service that are demanded by people in the economy, this is when the production utility is created.
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