Utility

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.