Homonym: utility (Usefulness)
Utility refers to the satisfaction or benefit that a person derives from consuming a good or service. It is a key concept in economics, helping to explain how individuals make choices based on their preferences and the value they place on different options. Higher utility indicates greater satisfaction, while lower utility suggests less enjoyment or benefit.
In decision-making, people often weigh the utility of various alternatives to determine which option will provide the most value. This process can involve comparing the utility of different products, such as food, clothing, or entertainment, to make informed choices that maximize overall happiness.