Utility
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Utility has two primary meanings:
- as a concept in economics (see below)
- as a provider of electricity, gas or telephone service
Utility is an economic term representing the someone's satisfaction or happiness. The utility of a good, for example, is its ability to bring satisfaction to the buyer.
Utility functions are mathematical ways of representing the benefits accruing to a consumer from his consumption of various goods. A utility function, in conjunction with a budget constraint, may be used to determine a consumer's optimal bundle of goods.
The term utility has its origins in the philosophical movement of utilitarianism.
