Utility:
The amount of satisfaction that a consumer gets from consumption of a good/service. A util is a measure of utility.
Cardinal Utility:
It is based on counting of numbers.
Ordinal Utility:
The ranking of items under consideration from most satisfaction to the least.
Examples:
When I have choices like to buy, Oreo or hide and Seek biscuit packet. I could like to buy Oreo of 30rs because the utility to buy from Oreo is the most utility. This is example of Cardinal utility.
After a good meal in a restaurant. I could like to have an dessert of butterscotch or chocolate ice cream. It is a fun part to have dessert after the completion of the main meal. It is willingness to pay for a flavor, which is an Ordinal utility.
When I have choices like to buy, Oreo or hide and Seek biscuit packet. I could like to buy Oreo of 30rs because the utility to buy from Oreo is the most utility. This is example of Cardinal utility.
After a good meal in a restaurant. I could like to have an dessert of butterscotch or chocolate ice cream. It is a fun part to have dessert after the completion of the main meal. It is willingness to pay for a flavor, which is an Ordinal utility.
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