BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The utility definition in economics is derived from the concept of usefulness. An economic good yields utility to the extent to which it’s useful for satisfying a consumer’s want or need.1 Various schools of thought differ as to how to model economic utility and measure the usefulness of a good or service.

Detailed explanation-2: -People purchase goods and services to get some benefit or satisfaction. This allows them to fulfill a need or want when they consume it. This phenomenon is called economic utility.

Detailed explanation-3: -What are the characteristics of utility? Four characteristics of utility are form, time, place, and possession.

Detailed explanation-4: -Utility refers to the comprehensive benefits obtained from consuming an item or service. This sums up the utility definition. Consumers would typically aim to maximise their utility based on rational choice based on economic models.

Detailed explanation-5: -In economics, utility refers to the satisfaction levels consumers receive from buying and using a product or service. According to utility theory, people make purchase decisions based on the degree of satisfaction they get from an item or service.