Utility meaning: Let us make an

Let us make an in-depth study of utility :- 1. Meaning of Utility 2. Definition of Utility 3. Characteristics 4. Types 5. Measurement 6. Kinds. Meaning of Utility : The simple meaning of ' utility ' is 'usefulness'. In economics utility is the capacity of a commodity to satisfy human wants. Utility is the quality in goods to satisfy human wants. Thus, it is said that "Wants satisfying capacity of goods or services is called Utility ." In this way utility is measured in terms of money and it is ... If you live in a place where the temperature never drops below 60 degrees Fahrenheit, and someone gives you a snow-blower for your birthday, you might question the gift’s utility, meaning its “usefulness.” Utility is the quality or condition of being useful, or a useful article, device, or service. It can also refer to the benefit or satisfaction that a commodity or action provides, or a public service such as electricity, water, or transportation. In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings . In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. In a descriptive context, the term refers to an ...