Define Utility and Discuss the Four Types of Utility

question 137

Essay

Define utility and discuss the four types of utility. Give examples of each, and explain which functional areas within an organization are responsible for each one.

---

Definitions:

Population Growth

The increase in the number of individuals in a population, often measured by birth rate minus death rate plus migration.

Economic Development

Economic Development refers to the process by which a region improves the well-being of its citizens through economic growth, redistribution of wealth, and improvements in quality of life.

Birth Rate

The number of live births per thousand of population per year.

Death Rate

The number of deaths in a particular population, scaled to the size of that population, per unit of time.