Economic Glossary | Utility | Bankers Algo
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Be the change that you wish to see in the world.

-by Mahatma Gandhi

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Economic Glossary

    Utility

The satisfaction of wants and needs obtained from the use or consumption of goods and services. The terms utility and satisfaction are, for the most part, used interchangeably in economics. Two other somewhat technical economic terms frequently used to capture this notion are welfare and well-being. Whichever term is used, the underlying concept is the same: To what extent are unlimited wants and needs fulfilled using the goods and services produced from society's limited resources.


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Banker's Algo Daily Dose

Word of the day

Dawdled(v)

Meaning:

To waste time, to act slowly

Synonyms: idle, lag, laze, lazy, loaf, loiter

Antonyms: forward, hasten, hurry, push, rush, speed

Apti Question of The day

Question

Milk contains 5% water. What quality of pure milk should be added 10 litres of milk to reduce this 2%?

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