It is the power of a commodity to satisfy the wants of human beings.
Ex: when we eat a chocolate it satisfies our want and provide us sweetness.so here a chocolate has a power to satisfy the want of a human.
Further, utility can vary from person to person . considering the above said example,there are some person who like sweet.so the person who likes sweet may derive a good amount of utility from chocolate. But a person who does not like sweet may not have any utility of the chocolate.
There are some people who equate utility as usefulness but practically it is not true.there are some things which are usefulness but don't have any utility,conversely there are also products which are utility but not useful to human man kinds .
Ex: alcohol, cigarette
But how ever for a drunker and smoker there is utility for cigarette and alcohol.
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