if a substance can be used in any way, it is said to have a ____________.
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If a substance can be used in any way, it is said to have a utility.
Explanation:
- The utility of an object or a material is what makes a resource. Everything that satisfy a necessity/need is known as a resource.⠀That is, when something can be used, you can say it has 'utility'
- Utility in economics denotes the total satisfaction that is received from consuming a service/good.
- The economic utility of a service/good is vital to comprehend, since it directly impacts the demand, and thus price, of that service/good
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