0
economic utility; refers to the level of economic relevance,significance or usefulness of a given type and degree of consumption and production towards a given economic end.
An economic end can be:
1-profit maximization
2-well fare maximization
etc
economic utility can be increasing,decreasing or constant depending on its economic utility reaction.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoUtility is the benefit or satisfaction gained from obtaining/using a good or resource. There are five types of utility:
- Form
- Possession
- Information
- Place
- Time
Wiki User
∙ 9y agoUtility in economics is the ability of something to satisfy needs and/or wants. It represents the satisfaction that is experienced by the consumer of a good or service.
Wiki User
∙ 11y agoHow much satisfaction one receives from a good.
Wiki User
∙ 11y agoTotal utility is the aggregate sum of satisfaction or benefit that an individual gains from consuming a given amount of goods or services in an economy
Wiki User
∙ 10y agoSatisfaction
Wiki User
∙ 6y agoSatisfaction
Add your answer:
Earn +20 pts
What are economists referring to when they talk about cost?
Opportunity Cost
Economists refer to the process of making something as production?
NOVANET: true
Utility is the concept that economists use to measure the a person gets from the use or consumption of goods and services.?
satisfaction
Economists use the concept of what to measure the satisfaction a person gets from the use or consumption of a good and services?
Utility
What Utility is the concept that economists use to measure the a person gets from the use or consumption of good and services?
Satisfaction
What are economists referring to when they talk about cost?
Opportunity Cost
Economists refer to the process of making something as production?
NOVANET: true
Utility is the concept that economists use to measure the a person gets from the use or consumption of goods and services.?
satisfaction
Economists use the concept of what to measure the satisfaction a person gets from the use or consumption of a good and services?
Utility
What Utility is the concept that economists use to measure the a person gets from the use or consumption of good and services?
Satisfaction
Which of the following is uded by economists to measure the satisfaction a person gets from the use or consumption of goods and services?
The concept of utility.
When economists refer to investment they are describing a situation where?
resources are devoted to increasing future output.
Economists use the term marginal utility to mean?
additional satisfaction gained by the consumption of one more unit of a good.
Does utility refer to income tax?
No utility would not refer to the individual federal income tax unless you would have a UTILITY INVESTMENT FUND that you would be receiving income from. Then you would have some taxable income from this UTILITY FUND that you would have to report on your 1040 federal income tax return.
Why do Economist use the term demand to refer to what?
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
When economist refer to a products usefulness they use the term?
Utility
What do economists use to measure the personal satisfaction someone gets from consuming goods and services?
Utility because it's a term in economics that refers to the total satisfaction received from consuming a good or service.
