Economic Definition of util. Defined.
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Term util Definition: An hypothetical, as in totally fabricated, unit of measurement for utility that's used by economists to present hypothetical information about utility and consumer demand theory. Economists are fond of making up hypothetical stuff, especially if it drives home an important economic notion. In this case, the term "util" (also frequently used in plural as "utils") is a convenient way to discuss utility and the satisfaction of wants and needs that consumers obtain from consuming or using a good.