Utility: Utility is the ability of something to satisfy needs or wants.
>> Utility Represents satisfaction experienced by the consumer of a good. Not coincidentally, 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 calculating economic choices.
>> In the simplest sense, economists consider utility to be revealed in people’s willingness to pay different amounts for different goods