utility

/utility

utility

1) a public or private entity that provides products or services. including communications. electricity. natural gas. transportation. and water. 2) the facilities associated with any particular utility. 3) an economic concept considered in the appraisal of monetary value; the ability to satisfy human desires. needs. and wants; the quality of usefulness.

Merriam-Webster Online Dictionary
utility (noun)
1.
fitness for some purpose or worth to some end
2.
something useful or designed for use
3.
a) - public utility
b) (1) a service (as light, power, or water) provided by a public utility
(2) equipment or a piece of equipment to provide such service or a comparable service
4.
a program or routine designed to perform or facilitate especially routine operations (as copying files or editing text) on a computer
utility (adjective)
1.
capable of serving as a substitute in various roles or positions - a utility infielder
2.
a) kept to provide a useful product or service rather than for show or as a pet - utility livestock a utility dog
b) being of a usable but inferior grade - utility beef
3.
serving primarily for utility rather than beauty - utilitarian
4.
designed or adapted for general use - a utility tool
5.
of or relating to a utility - a utility company
utility
utility (Wikipedia)
This article is about the economic concept. For other uses, see Utility (disambiguation).

In economics, utility is a measure of preferences over some set of goods (including services: something that satisfies human wants); it represents satisfaction experienced by the consumer of a good. The concept is an important underpinning of rational choice theory in economics and game theory: since one cannot directly measure benefit, satisfaction or happiness from a good or service, economists instead have devised ways of representing and measuring utility in terms of measurable economic choices. Economists have attempted to perfect highly abstract methods of comparing utilities by observing and calculating economic choices; in the simplest sense, economists consider utility to be revealed in people's willingness to pay different amounts for different goods.

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By |2016-12-16T18:23:51+00:00December 16th, 2016|0 Comments

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