Concept Of Utility And Value

Utility: It refers to the usability of something. If an object or substance is useful or serves a purpose for someone, it has ‘utility’.

Value: ‘Value’ indicates the worth of something. Some items might have monetary value, while others have value in terms of their aesthetic, cultural, or sentimental significance.

Change In Value Over Time

Time And Technology: With advancements in technology and changing human needs, something that might not have had any value in the past can become valuable. For instance, traditional remedies might not have commercial value today, but if they get patented and marketed appropriately, they can gain economic value.

People As The Ultimate Resource

Humans have the capability to innovate, invent, and discover. Such capabilities can lead to the development of new resources or the enhancement of existing ones. Historical examples include the invention of the wheel and the discovery of fire, which revolutionised human civilisation.