UTILITY


Meaning of UTILITY in English

[Economics] the level of happiness or satisfaction that a person receives from his or her circumstances

Note: utility is the ultimate objective of all public and private actions

eg: Sean and Sally are the same, except that Sean earns $5000 and Sally earns $2000. In this case, taking a dollar from Sean to pay Sally will reduce Sean's utility and raise Sally's utility. Because Sean's utility falls by less than Sally's utility rises. Thus, this redistribution of income raises total utility, which is the utilitarian's objective.

[Real Estate] utility=service

eg: housing is valued because of the flow of utility that it provides to its users over time.

Sean Woo's Finance, GIS and real estate English glossary.      Английский глоссарий по ГИС(Географическая информационная система) и недвижимости Sean Woo's Finance.