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Definition Of:

Utility

Bible DictionaryDictionary of Political Economy
An economic concept referring to the precise degree of personal satisfaction, pleasure, or sense of want-fulfillment an individual derives from consuming some quantity of a good or service at a particular point in time. Obviously no two persons assign identical utilities to any given good because human tastes and preferences vary sharply. Nor is there any standard objective unit in which both "utility for me" and "utility for thee" can be measured and compared to each other. But presumably each of us can at least roughly compare the utilities of various possible goods (or combinations of goods) to ourselves and decide "since I have to choose, I would much rather have this than that, all things considered." The concept of precisely measurable utility was at the heart of the derivation of the classical theory of demand, in the form of the law of diminishing marginal utility. Nowadays, most theorists prefer the derivation of demand derived from the "indifference curve" analysis popularized in the 1930s by J.R. Hicks, which reaches essentially the same conclusions as the older utility analysis, without the unnecessary assumption that individuals are capable of measuring their own utilities in so precise a fashion.

[See also: marginal analysis]


 

Social Science Dictionary INDEX:


List of Terms: Terms beginning with "A", Page 1

Starts With:  A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 3
Page Number:  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

A: Page 1 of 19.

AAGRA
AAR
ABOLFAZL SHADVAR
ABSOLUTE POVERTY
ACCRUED INTEREST
ACHIEVED STATUS
ACID RAIN
ACUTE DISEASE
ADAPTATION
ADJUSTED GROSS ...AERO
AFFIRMATIVE ACT...
AG
AGE GRADES
AGE STRUCTURE
AGEISM
AGENCIES OF SOC...AGRA
AGRARIAN SOCIET...AGRIBUSINESS
AIDS (Acquired ...
AIR POLLUTION
ALAA
ALIENATION
ANDROGYNY
ANIMISM
ANOMIA
ANOMIE
ANOMIE THEORY
ANTHROPOLOGY
APARTHEID
APEC
APG
APPROPRIATE TEC...ARMS RACE
ARMS TRADE
ARRANGED MARRIA...ASCRIBED STATUS
ASSET PROTECTIO...
ASSETS
ASSIMILATION
AUTHORITARIAN P...
AUTHORITY
AUTOCRATIC RULE
AUTOMATION
Abatement
Abbey
Abbot
Ability-to-Pay ...Ablutophobia
Absolute Advant...
Absolute advant...Abundance
Acarophobia
Accelerator
Acceptance
Acceptance-reje...
Accolade
Accoutrement
Acerophobia
Acheronophobia
Achluophobia
Acid Rain
Acousticophobia
Acquired Endowm...Acquittal
Acre
Acrophobia
Act of Parliame...
Acting Speaker
Active Alumni M...Adaptive Expect...
Additive
Address in Repl...Administrator o...
Admiral
Adoubement
Advance estimate
Adventurous Shi...Adverse Selecti...Aeroacrophobia
Aeronausiphobia
Aerophobia
Affection
Agency problem
Agency problem ...Agency problem ...
Aggregate Deman...Aggregate Expen...Aggregate Suppl...
Aggregate demand
Aggregate supply
Aggression
Agincourt, Batt...Agliophobia
Agoraphobia
Agraphobia
Agrizoophobia
Agyrophobia

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