Utility meaning: Utility Theory The utility definition

Utility Theory The utility definition in economics relates to the concept of usefulness. An economic good yields utility to the extent to which it's useful for satisfying a consumer’s want or need. Learn the meaning of utility as a noun and an adjective in English, with different contexts and usage. Find out how utility can refer to a public service, a usefulness, a versatile player, or a computer program. Utility definition : the state or quality of being useful; usefulness.. See examples of UTILITY used in a sentence. If you live in a place where the temperature never drops below 60 degrees Fahrenheit, and someone gives you a snow-blower for your birthday, you might question the gift’s utility, meaning its “usefulness.”