Economic utility is a term in economics that refers to the total satisfaction that a person can derive from consuming a good or service.
Economic utility inheres not in the good or service itself but the relationship between the consumer’s wants and needs and the functionality of the good or service. For example, two meals when you’re hungry are not always better than one. The second meal might be just as good as the first but is much less useful if you are already full from the first meal.
Bio: Gunnar Jaerv is the chief operating officer of First Digital Trust — Hong Kong’s technology-driven financial institution powering the digital asset industry and servicing financial technology innovators. Prior to joining First Digital Trust, Gunnar founded several tech startups, including Hong Kong-based Peak Digital and Elements Global Enterprises in Singapore.
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