Utility meaning: Let us make an in-depth study

Let us make an in-depth study of utility :- 1. Meaning of Utility 2. Definition of Utility 3. Characteristics 4. Types 5. Measurement 6. Kinds. Meaning of Utility : The simple meaning of ' utility ' is 'usefulness'. In economics utility is the capacity of a commodity to satisfy human wants. Utility is the quality in goods to satisfy human wants. Thus, it is said that "Wants satisfying capacity of goods or services is called Utility ." In this way utility is measured in terms of money and it is ... Definition of utility noun in Oxford Advanced Learner's Dictionary. Meaning , pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. If you live in a place where the temperature never drops below 60 degrees Fahrenheit, and someone gives you a snow-blower for your birthday, you might question the gift’s utility, meaning its “usefulness.” Utility Theory The utility definition in economics relates to 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.