MORE UTILITY Meaning and
Definition
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"More utility" refers to the increased satisfaction or usefulness derived from acquiring or consuming additional units of a good or service. In economics, utility is a measure of the level of satisfaction or happiness an individual obtains from consuming a particular good or service.
When we say something provides "more utility," it means that it enhances the overall satisfaction or usefulness experienced by an individual compared to what they previously had or consumed. For instance, if a person upgrades their phone to a newer model with enhanced features and capabilities, they may derive more utility from the new phone as it provides them with increased satisfaction or usefulness.
The concept of more utility is closely related to the principle of diminishing marginal utility. As an individual consumes or acquires more units of a good or service, the additional utility derived from each additional unit tends to decline. This means that the first unit of a good or service typically provides the most utility, and subsequent additions provide diminishing amounts of additional satisfaction.
The notion of more utility is essential in economic decision-making. Consumers typically aim to maximize their utility by allocating their limited resources such as income and time towards acquiring goods and services that provide them with the highest levels of satisfaction or usefulness. Understanding the concept of more utility helps individuals make informed choices by considering the additional benefits they can derive from acquiring or consuming more of a particular good or service.
Common Misspellings for MORE UTILITY
- nore utility
- kore utility
- jore utility
- mire utility
- mkre utility
- mlre utility
- mpre utility
- m0re utility
- m9re utility
- moee utility
- mode utility
- mofe utility
- mote utility
- mo5e utility
- mo4e utility
- morw utility
- mors utility
- mord utility
- morr utility
- mor4 utility
Etymology of MORE UTILITY
The word "utility" originated from the Latin term "utilitas", which means "usefulness" or "advantage". It entered the English language in the early 17th century, derived from the Old French word "utilité".
The term "more" comes from Old English, specifically the word "māra", which indicates a comparative degree, signifying an increase or greater amount. It can be traced back to the Proto-Germanic word "maizô", also meaning "more" or "greater".
When combined, "more utility" simply refers to a greater degree of usefulness or advantage.
