Question

Distinguish between utility and usefulness

Answer 1

We now extend our analysis of general equilibrium to the sphere of production. Production of goods requires the use of inputs or factors of production. The level of production of goods depends upon the allocation of resources to them

Answer 2

Both terms are inter-related to each other and there is a thin line of difference in the meaning of both words. Utility is a factor of the term usefulness because when we usefulness, we are talking about how much the product or the good or service is useful to us but when we are talking about utility we are talking about the ability or the extent up to which the product or good or the service can be used.

So, in short usefulness means the importance of a thing whereas utility means the extent up to which the thing is important in its use.