Utility Definition with Explanation and Examples

Utility

Definition

Ability / power of a good or service to satisfy one or more needs or wants of a consumer is called Utility.

Or

The satisfaction a consumer receive form consuming a product or service is called Utility

Examples of utility           

Goods or Service     Ability to Satisfy

Water                                               Thirst

                   Bread                                             Hunger

                  Pen                                                 Writing

                 Teacher                                         Knowledge

                  Car                                               Travelling

Doctor                                          Treatment of illness

Bulbs                                            Light

Fan                                               Air

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