The ability of a good to satisfy a want refers to its:
A) utility.
B) usefulness.
C) worthiness.
D) necessity.

Question

Quizplus · Accepted Answer

Utility is a term used in economics to describe the satisfaction or happiness derived from consuming a good or service. Therefore, the ability of a good to satisfy a want is its utility. The other options may be related to the concept, but they do not specifically refer to the satisfaction of a want.

The Ability of a Good to Satisfy a Want Refers