In Economics the Term Utility Refers to

question 135

Multiple Choice

In economics the term utility refers to

• A) the subjective benefit or satisfaction a person expects to receive from a choice or course of action.
• B) the number of possible uses for a resource.
• C) the fact that human desire for goods is unlimited while the resources available to meet those desires is limited.
• D) the highest valued alternative that must be sacrificed when a choice is made.

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Definitions:

Deceleration

A decrease in the speed or rate of an activity or process; slowing down.

Vocational Activity

Activities related to acquiring job skills or engaging in a profession, often involving formal education and training.

Next Decade

The upcoming or following ten-year period from the current date.

Professional and Service

relates to occupations and industries focused on providing expertise, support, and services to others, including healthcare, education, and business services.