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.

Answer 1

Dinesh tells his son that he will be teaching him about economic utility. Economic utility refers to the perceived value or satisfaction that consumers receive from purchasing and using a good or service. Understanding this concept will help his son appreciate how to create and market products effectively to meet consumer needs and enhance their value perception.