Question

What concept is defined as the value, or satisfaction, that people derive from the goods and services they consume and the activities they pursue?

Answer 1

This is the concept of Utility. It defines the satisfaction one person gets after consuming a particular amount of good or service. Itsvery useful and important concept of basics in Economics. It helps in decision making to get the optimum use of a particular good/service to get teh maximum satisfaction. As we know wants are unlimited and resources are limited, so using this concept things can improved and achieved.