As a business owner who sells products to customers and a consumer who purchases products from other sellers, Dinesh has a deep understanding about the perceived value received when purchasing a good or service. He decides to teach his son, who will eventually take over the business, about this concept. What does Dinesh tell his son that he will be teaching him about? (1 point) Responses Economic utility Economic utility Voluntary exchange Voluntary exchange Factors of production Factors of production Opportunity costs
Dinesh will be teaching his son about economic utility.
Dinesh will be teaching his son about economic utility. Economic utility refers to the satisfaction or value that individuals derive from consuming goods or services. Dinesh understands that as a business owner, it's crucial to provide products that have a high level of economic utility, as it increases customer satisfaction and the likelihood of repeat purchases. Moreover, Dinesh recognizes that as a consumer, understanding economic utility helps in making informed choices and maximizing the value received from each purchase. By teaching his son about economic utility, Dinesh aims to enable him to create and deliver products that customers perceive as valuable in order to succeed in the business.
