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.
Utility is the benefit or satisfaction gained from obtaining/using a good or resource. There are five types of utility:
Utility 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.
How much satisfaction one receives from a good.
Total 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
Satisfaction
Satisfaction
Opportunity Cost
NOVANET: true
satisfaction
Satisfaction
Utility
Opportunity Cost
NOVANET: true
satisfaction
Utility
Satisfaction
The concept of utility.
resources are devoted to increasing future output.
additional satisfaction gained by the consumption of one more unit of a good.
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.
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
Utility because it's a term in economics that refers to the total satisfaction received from consuming a good or service.
Utility