Difference between revisions of "Utility"
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[[Utility]] is the level of satisfaction or pleasure that people receive from their choices. | [[Utility]] is the level of satisfaction or pleasure that people receive from their choices. | ||
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==Definitions== | ==Definitions== | ||
According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Utility]]. The level of satisfaction or pleasure that people receive from their choices. | :[[Utility]]. The level of satisfaction or pleasure that people receive from their choices. | ||
| + | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
| + | :[[Utility]]. A measure of household satisfaction. | ||
| + | According to the [[ITIL Foundation 4e by Axelos]], | ||
| + | :[[Utility]]. The functionality offered by a product or service to meet a particular need. Utility can be summarized as ‘what the service does' and can be used to determine whether a service is ‘fit for purpose'. To have utility, a service must either support the performance of the consumer or remove constraints from the consumer. Many services do both. | ||
| − | [[Category: Economics]][[Category: Articles]] | + | [[Category: Information Technology]][[Category: Economics]][[Category: Articles]] |
Latest revision as of 18:19, 11 December 2020
Utility is the level of satisfaction or pleasure that people receive from their choices.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Utility. The level of satisfaction or pleasure that people receive from their choices.
According to Macroeconomics by Mankiw (7th edition),
- Utility. A measure of household satisfaction.
According to the ITIL Foundation 4e by Axelos,
- Utility. The functionality offered by a product or service to meet a particular need. Utility can be summarized as ‘what the service does' and can be used to determine whether a service is ‘fit for purpose'. To have utility, a service must either support the performance of the consumer or remove constraints from the consumer. Many services do both.
