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1 of 1- Somegooz
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What exactly is "Economic Utility"? Anyone here can explain?
Hey all, I came across the term "economic utility" in a finance article but I’m not sure I fully get what it means. Can someone break it down in simple terms?
- Somegooz
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Re: What exactly is "Economic Utility"? Anyone here can explain?
Sure! Economic utility basically refers to how much value or satisfaction a product or service provides to someone. It’s about usefulness—like how a good or service meets your needs or wants. There are different types, like form utility (how a product is made useful), time utility (availability when you need it), place utility (available where you want it), and more. For a clearer, detailed explanation, this article helped me a lot with understanding economic utility
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