Question

Prompt What is economic utility?

Answer 1

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.

Answer 2

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