utility
/juˈtɪɫəti/
the satisfaction or benefit derived from consuming a good
utility in a sentence
“Economists measure utility to understand consumer choices.”
Origin of utility
Latin utilitas usefulness, from uti to use
Related Words
monopoly
a market with only one seller
oligopoly
a market dominated by a few large sellers
perfect competition
a market with many buyers and sellers trading identical products
price discrimination
charging different prices to different customers for the same product
supply and demand
the relationship between availability and desire that determines price
elasticity
the responsiveness of demand or supply to price changes