utility Meaning and Definition
1. n. the service (electric power or water or transportation) provided by a public utility
2. n. a facility composed of one or more pieces of equipment connected to or part of a structure and designed to provide a service such as heat or electricity or water or sewage disposal
3. n. the quality of being of practical use
4. n. (computer science) a program designed for general support of the processes of a computer
5. n. a company that performs a public service; subject to government regulation
6. n. (economics) a measure that is to be maximized in any situation involving choice
7. s. capable of substituting in any of several positions on a team
8. s. used of beef; usable but inferior
In economics, utility is a measure of preferences over some set of goods and services. The concept is an important underpinning of rational choice theory in economics and game theory, because it represents satisfaction experienced by the consumer of a good.
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