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Utility definition : the state or quality of being useful; usefulness.. See examples of UTILITY used in a sentence. Learn the meaning of utility as a noun and an adjective in English, with different contexts and usage. Find out how utility can refer to a public service, a usefulness, a versatile player, or a computer program. Types of Utility What are the types of utility in Economics? Meaning of Utility . A consumer usually decides his demand for a commodity based on the utility (or satisfaction) that he derives from it. What is utility ? Utility is the capacity of a commodity to satisfy human wants. In other words, utility is the want satisfying power of a good. 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 ...
