UTILITY

Utility

Utility is usefulness, the ability of something to satisfy needs or wants. Utility is an important concept in economics and game theory, because it represents satisfaction experienced by the consumer of a commodity or a "good". Not coincidently, a good is something that satisfies human wants and provides utility, for example, to a consumer making a purchase. It was recognized that one can not directly measure benefit, satisfaction or happiness from a good or service, so instead economists have devised ways of representing and measuring utility in terms of economic choices that can be counted. Economists have attempted to perfect highly abstract methods ...

The above text is a snippet from Wikipedia: Utility
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utility

Noun

  1. The state or condition of being useful; usefulness.
  2. Something that is useful.
  3. The ability of a commodity to satisfy needs or wants; the satisfaction experienced by the consumer of that commodity.
  4. A service provider, such as an electric company or water company; or, the securities of such a provider.
  5. A software program designed to perform a single task or a small range of tasks, often to help manage and tune computer hardware, an operating system or application software.
    I've bought a new disk utility that can recover deleted files.
  6. The ability to play multiple positions.


The above text is a snippet from Wiktionary: utility
and as such is available under the Creative Commons Attribution/Share-Alike License.

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