Utility Meaning: Definition, Examples, and Translations

Economics

• In economics, utility refers to the satisfaction or benefit derived from consuming goods and services.
• There are two types of utility: total utility (the overall satisfaction) and marginal utility (satisfaction from one additional unit).
• The concept of diminishing marginal utility explains why people are willing to pay less for additional units of the same product.

Technology

• The term 'utility' also refers to software tools designed to perform basic functions like file management and system maintenance.
• In programming, utility functions are small, reusable pieces of code that assist with common tasks.
• Utilities are essential for optimizing performance and enhancing user experience in applications.

Philosophy

• The 'utility principle' in ethics suggests that the best action is the one that maximizes happiness or well-being.
• Philosophers like Jeremy Bentham and John Stuart Mill are known for their contributions to utilitarianism, emphasizing the importance of consequences in moral decisions.
• Utilitarianism looks at the greatest good for the greatest number, often used in debates about social policies.

Psychology

• Utility influences decision-making, as people often weigh the benefits and actions before making choices.
• The concept of 'utility theory' in psychology explains how individuals assess the value and satisfaction of different options.
• Assessment of utility can explain behaviors ranging from consumer choices to personal relationships.

Main points about word origin

• The word 'utility' comes from the Latin word 'utilitas', which means usefulness.
• It first appeared in the English language in the early 15th century.
• The term evolved through concepts of utility in philosophy, particularly during the Enlightenment.

The word 'utility' originated in the late Middle English period from Old French 'utilite' and Latin 'utilitas', from 'utilis' meaning 'useful'. The concept of utility has been an essential part of human civilization, from the practical usefulness of tools to the provision of essential services. In modern times, utility has expanded to encompass various aspects of daily life, including technology, services, and efficiency.

At position #2,593, this word belongs to solid intermediate vocabulary. It's frequently used in both casual and formal contexts and is worth learning for better fluency.

• ...
• 2590 ear
• 2591 realize
• 2592 varying
• 2593 utility
• 2594 prominent
• 2595 reaching
• 2596 gun
• ...