What is utility?
Understand the Problem
The question is asking for the definition or explanation of the term 'utility'. This typically relates to its meaning in economics, philosophy, or general usage. The focus here is understanding what 'utility' entails, its significance, and potentially how it is applied in different contexts.
Answer
Utility refers to being useful or serving a practical purpose, and in economics, it describes the satisfaction from consumption.
Utility refers to the quality of being useful or serving a practical purpose. It is also an economic term describing the satisfaction gained from consuming goods or services.
Answer for screen readers
Utility refers to the quality of being useful or serving a practical purpose. It is also an economic term describing the satisfaction gained from consuming goods or services.
More Information
Utility is commonly used in economics to assess consumer satisfaction and preference, but it also applies to practical applications in everyday life, such as services provided by the government.
Tips
A common mistake is to assume utility only applies to economic contexts, but it also includes general usefulness and public services.
Sources
- Utility Definition & Meaning - Merriam-Webster - merriam-webster.com
- Utility in Economics Explained: Types and Measurement - Investopedia - investopedia.com
- UTILITY Definition & Meaning - Dictionary.com - dictionary.com
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