Utility

From Wikipedia, the free encyclopedia
Jump to: navigation, search

Not to be confused with Public utility

In economics, utility is the amount of satisfaction you get from consuming (using) goods and products. Changes in utility are called utils, even though there is not really a standard scale for them. For example, a cup of hot chocolate can have 100 utils, and a cup of orange juice 80 utils. One of the most well-known uses of utility, especially in economics, is the utility of money.