Utility is the satisfaction derived from?

Assessment: JAMB UTME - Economics - 2003 Subject: Economics

Question 1 Report

Utility is the satisfaction derived from?
Answer Details
Utility refers to the level of satisfaction or happiness that an individual derives from consuming a particular good or service. In other words, it is the value or benefit that a consumer obtains from using a product or service. The more a product or service satisfies the needs or desires of the consumer, the higher the utility that the consumer derives from it. Therefore, utility is related to consumption, and it measures the extent to which a good or service meets the needs and wants of the consumer.
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