What is the short definition of utility?

Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service.

What classifies something as a utility?

Utilities mean useful features, or something useful to the home such as electricity, gas, water, cable and telephone. Examples of utilities are brakes, gas caps and a steering wheel in a car. Examples of utilities are electricity and water. noun.

What you mean by limited?

adjective. having a limit; restricted; confined. without fullness or scope; narrow. (of governing powers, sovereignty, etc) restricted or checked, by or as if by a constitution, laws, or an assemblylimited government.

What is utility example?

Generally speaking, utility refers to the degree of pleasure or satisfaction (or removed discomfort) that an individual receives from an economic act. An example would be a consumer purchasing a hamburger to alleviate hunger pangs and to enjoy a tasty meal, providing her with some utility.

What is the legal definition of a utility?

Legal Definition of utility. 1 : fitness for some purpose or worth to some end. 2 a : public utility. b : a service or commodity provided by a public utility paid for rent and utilities also : equipment or material used in providing such a service or commodity an easement limited to purposes of travel which does not include

Which is the best definition of utility maximization?

1. the state or quality of being useful; usefulness. 2. something useful; a useful thing. 3. a public service, as the providing of electricity, gas, water, a telephone system, or bus and railroad lines. 4. public utility.

Which is an example of a utility service?

utility noun (SERVICE) › [ C ] formal a service that is used by the public, such as an electricity or gas supply or a train service: utility bills. More examples. the administration of public utilities. The utility of this substance has been proven in a series of tests.

Which is the best definition of the word limited?

But those weapons are of limited utility, especially during close-in fights. In addition, foreign films were limited by a system of licensure to a third of the number of domestic films. When they invade new territory, populations are low, and the queen has limited mate options.