utility maximization

Definition

A theory used in economics that holds the belief that when individuals purchase a good or a service, they strive to obtain the most amount of value possible, while at the same time spending the least amount of money possible. When combined, the consumer is attempting to derive the greatest amount of value from their available funds.

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You should always try and make sure that you are good with utility maximization so that you get the best deal.

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We really put the effort in to exploit our utility maximization, and the result was a generous value for our investment

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The utility maximization of the new DVD player was considered great by consumers because it was also able to record television programs and play video games.

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