Utility - meaning and definition. What is Utility
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What (who) is Utility - definition

CONCEPT IN ECONOMICS & GAME THEORY: A RELATIVE MEASURE OF HAPPINESS OR SATISFACTION
Utility function; Utility theory; Util; Utility and Value; Utility (economics); Usefulness; Utils; Money-in-the-utility-function models; Utility of consumption; Utility and value in economic thought; Disutility; Usefull; Utility Function; Economic utility; Utility value
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utility         
utility         
n.
company providing a public service
a public utility
utility         
(utilities)
1.
The utility of something is its usefulness. (FORMAL)
Belief in the utility of higher education is shared by students nationwide...
He inwardly questioned the utility of his work.
= usefulness
N-UNCOUNT: with supp
2.
A utility is an important service such as water, electricity, or gas that is provided for everyone, and that everyone pays for.
...public utilities such as gas, electricity and phones.
N-COUNT

Wikipedia

Utility

As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions.

Examples of use of Utility
1. The whole system is not only beneficial for utility consumers but will also facilitate utility companies.
2. Three were found in a sport utility vehicle rammed against a utility pole and two were on the street nearby.
3. Utility crews were working 18–hour shifts, especially in the biggest problem areas, where ice coated roads and utility poles.
4. The blackout was caused by a dispute between the private electric utility and the government–owned utility administration over payments.
5. Many major private utility companies remain skeptical.