Question

Define Utility.

Hint:

Utility is the economic word for the amount of satisfaction or happiness you get from something.

Answer 1

In economics, utility is a term used to describe the want-satisfying power of a good or service. It represents the satisfaction, pleasure, or benefit that a consumer derives from consuming a product. Utility is a subjective concept, meaning the utility of a good can vary greatly from person to person. Economists use this concept to explain how consumers make choices to maximize their satisfaction.