Question

what is meaning of the term 'utility'

Answer 1

Utility is a term used in economy.
it is introduced by Daniel Bernoulli
referring to the total satisfication received from consuming a good or service the economic utility of a good or service is important to understand because it will directly influence the demand and therefore price of that good or service.

Answer 2

Utility is an economic term referring to the total satisfaction received from consuming a good or service. Utility is an economic term referring to the total satisfaction received from consuming a good or service.