Utility (noun)
Definition
As a noun, utility refers to the quality or state of being useful, practical, or beneficial in meeting specific needs or achieving desired outcomes. It is the measure of the value or usefulness of something in fulfilling a purpose or satisfying a particular requirement.
Etymology
The word utility has its origins in the Latin word utilitas, which means usefulness or profit. It evolved through Old French and Middle English to represent the concept of practical value.
Synonyms
- Usefulness
- Practicality
- Benefit
- Efficiency
- Advantage
Antonyms
- Uselessness
- Inefficiency
- Disadvantage
- Futility
- Uselessness
Example
The construction of a new bridge significantly improved the utility of the transportation system, reducing commute times and enhancing the overall connectivity of the region.
FAQs (Frequently Asked Questions)
How is utility measured in economics?
In economics, it is often measured in terms of the satisfaction or happiness derived from consuming goods or services. It is represented through utility functions and helps economists understand consumer preferences and decision-making.
What is total utility and marginal utility?
It refers to the overall satisfaction or benefit obtained from consuming a specific quantity of a good or service. Marginal utility, on the other hand, represents the additional satisfaction or benefit gained from consuming one additional unit of the good or service.
What role does utility play in product design and development?
In product design and development, it is a critical factor to consider. Products that offer higher utilities or better address consumers’ needs and preferences are more likely to succeed in the market.
How does the concept of utility relate to consumer choice?
Consumer choice is influenced by the perceived utility of various options. Consumers tend to choose products or services that provide the highest utilities, considering factors like price, quality, features, and personal preferences.
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