Question

economics in meaning of utility ​

Answer 1

Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service.

Answer 2

Answer:

Economics: Concerned with the production of goods and services, and the consumption of theses goods and services. ... Utility: benefits or satisfaction gained from consuming goods and services-- hard to measure but we assume consumers make decision based on maximizing utility.

Explanation:

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