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What does the term ‘utility‘ mean in economics?

Genevieve Webster September 29, 2023
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1 People Answered

By Isaias Lawrence October 17, 2023

In the context of careers, utility refers to the overall usefulness and satisfaction that a product provides. For example, food has utility by satisfying hunger, while fine wine has utility by satisfying a desire for refined tastes.

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What does the term ‘utility‘ mean in economics?
What does the term ‘utility‘ mean in economics?