Question

meaning of usefulness in economic
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Answer 1

Answer:

Usefulness is associated with those goods and services which are useful and are related to the betterment of the human beings. The product's usefulness is related to its ability to create wellbeing for the humans. It simply means that usefulness is rooted in the well being.

Answer 2

The utility definition in economics is derived from the concept of usefulness. An economic good yields utility to the extent to which it's useful for satisfying a consumer's want or need. Various schools of thought differ as to how to model economic utility and measure the usefulness of a good or service.