In economics, utility refers to the satisfaction or pleasure derived from consuming a good or service. It is a measure of the benefit or value that individuals receive from consuming a product or service. Utility is subjective and varies from one consumer to another because different people have different preferences, tastes, and priorities. What one person finds valuable or satisfying, another person may not see the same value in. Therefore, utility is unique to each individual and is influenced by factors such as personal preferences, income level, cultural background, and past experiences.
