Utility
Definition
The satisfaction a consumer gets from goods and services. Not directly measurable — used as a ranking, not a number.
Example
If you prefer pizza to salad, pizza gives you higher utility — even if we can't say by how many "utils."
The satisfaction a consumer gets from goods and services. Not directly measurable — used as a ranking, not a number.
If you prefer pizza to salad, pizza gives you higher utility — even if we can't say by how many "utils."