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Prompt What is economic utility?
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Prompt What is economic utility?

User PhilE
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8 votes
utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill.
User Asherber
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6 votes

Answer:

Economic utility refers to the usefulness or value that consumers experience from a product or service and can be judged based on the form, time, place, and possession

User CJ Gaconnet
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