Glossary · Micro · Consumer theory
Utility
The satisfaction a person gets from consuming something. Economists treat it as a ranking of bundles, higher utility means preferred, not as a number you could measure with a meter.
Also called: satisfaction
Related terms
More from consumer theory
Definitions are the start
See the term used, not just defined.
The full course teaches every term in context, with worked examples, interactive graphs and practice questions that remember what you get wrong.