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Username: BobM Rating:  Asked to: Apinya Kamon Date Created: 19 Dec 2017 |
| Category | 28 |
| Tag | Financial |
| Question | What is 'Utility'? |
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Hello BobM, "Utility" is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service. The economic utility of a good or service is important to understand because it will directly influence the demand, and therefore price, of that good or service. A consumer's utility is hard to measure, however, but it can be determined indirectly with consumer behavior theories, which assume that consumers will strive to maximize their utility. |
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