Question

what is utility ? Give example . (In short)

Answer 1

Utilities mean useful features, or something useful to the home such as electricity, gas, water, cable and telephone. Examples of utilities are brakes, gas caps and a steering wheel in a car. Examples of utilities are electricity and water.

Answer 2

The goods satisfy human wants. This want satisfying quality in a good is called Utility. Utility is that quality in a commodity by virtue of which it is capable of satisfying a human want. Air, water (free goods) and food, cloth etc. (economic goods) satisfies people’s wants and hence they possess utility.