economic utility

Definition

The capacity of a good or service to meet the demand of a consumer. The amount of economic utility of a good or service determines what the demand will be for that good or service, which impacts the price that people will be willing to pay to obtain it.

Use economic utility in a sentence

It had a lot of economic utility and we thought that was a positive thing that would be good for our company.

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Since there was such a strong demand for the product there was a high economic utility value associated with it.

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In order for a financial advisor to be successful they must be able to demonstrate that they provide significant Economic Utility to prospective clients. They must also continue to display this Economic Utility to existing clients in order to justify the cost of their advisement to existing and prospective clients.

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