PERSPECTIVE ON ECONOMIC POLITICAL UTILITY
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Abstract
The concept of "utility" is fundamental to economics and decision theory. It measures the satisfaction, happiness, or preference received from consuming a product, service, or decision. The meaning and interpretation of “Utility” can vary according to different economic theories and frameworks. “Utility” is important in economics because it describes the behavior of individuals in making choices that maximize their utility. The concept of economic utility has been debated and debated by economists, theologians, and scientists. and has been integrated into various economic theories. However, the study found that Economic utility can be measured in several ways, such as using utility functions that express individual preferences for different consumption sets. Economic utility is important in understanding individual behavior and the economic decision-making process. The concept of economic utility has been used in various applications. Including analysis of consumer behavior welfare economics and public economics
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