Utility meaning: Let us make an

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 ... Utility is the quality or condition of being useful, or a useful article, device, or service. It can also refer to the benefit or satisfaction that a commodity or action provides, or a public service such as electricity, water, or transportation. What is utility ? A customer is the one who usually determines his demand for goods on the basis of the satisfaction ( utility ) that he procures from them. So, what is a utility ? Utility of goods is their want-satisfying capability. More is the aspiration to have the goods, the more is the utility procured from them. Utility is instinctive. Distinct people can get different degrees of utility from the same goods. For instance, someone who likes sweets will get much higher utility from a sweet ... utility line; utility bill (Of a building or its components) containing or intended for any of a building’s often- utility -related commodity transport, such as pipes or wires, or converting equipment, such as furnaces, water tanks or heaters, circuit breakers, central air conditioning units, laundry facilities, etc.