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Utility (Economics) - Explained

What is Utility?

Written by Jason Gordon

Updated at March 26th, 2023

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What is Utility? 

Utility means use or usefulness. 

In economics, utility regards the extent to which a good or service satisfies a consumer’s need or want. It can be thought of as a measure of satisfaction. 

Back to:ECONOMIC ANALYSIS & MONETARY POLICY

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  • Efficiency Theory
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