In Economics,a Synonym for Utility Is

question 30

Multiple Choice

In economics,a synonym for utility is

• A) usefulness.
• B) satisfaction.
• C) sacrifice.
• D) a service.

---

Definitions:

Form Hypothesis

The process of developing a proposed explanation for a phenomenon, made as a starting point for further investigation.

Circular-Flow Model

A diagram that traces the flow of resources, products, income, and revenue among economic decision makers.

Households

Individuals or groups of people living together as a single unit, making economic decisions regarding consumption, savings, and labor supply.

Resource Market

A market where resources (like labor, capital, and raw materials) used to produce goods and services are bought and sold.