Difference between revisions of "Utility"
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Utility]]. The level of satisfaction or pleasure that people receive from their choices. | :[[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. | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Revision as of 19:40, 2 July 2020
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.
