Final answer:
Utility refers to satisfaction or pleasure, whereas usefulness refers to practical and functional use of a good or service.
Step-by-step explanation:
Utility refers to the satisfaction or pleasure one gets from consuming a good or service, whereas usefulness refers to the practical and functional use the good or service actually serves. Utility is subjective and varies from person to person, whereas usefulness is more objective and can be determined by the functionality of the good or service.
For example, when a person buys a smartphone, they may experience utility from the enjoyment of using the device, taking photos, or playing games. However, the usefulness of the smartphone lies in its ability to make calls, send texts, access the internet, and perform various tasks.
Understanding the difference between utility and usefulness can help us analyze consumer behavior and make informed decisions when purchasing goods or services.