Explain the meaning & definition of utility and give 3 examples.
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Understanding utility
Understanding utilityUtility refers to the total satisfaction or value that you get from consuming a particular product or service. ... Products with higher utility usually have more demand, meaning they can command higher prices. People need to eat food to survive, but some foods are better than others.
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Generally speaking, utility refers to the degree of pleasure or satisfaction (or removed discomfort) that an individual receives from an economic act. An example would be a consumer purchasing a hamburger to alleviate hunger pangs and to enjoy a tasty meal, providing her with some utility.
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