The satisfaction a person receives from consuming goods and services is
called
O contentment.
O psychic income.
O wealth.
O utility.

Let’s dive into the concept of utility! Utility is a core principle in economics, reflecting the satisfaction or pleasure derived from consuming goods and services. It plays a pivotal role in understanding consumer behavior, as individuals are constantly seeking to maximize their utility when making purchasing decisions.

Speaking of real-world applications, the concept of utility helps businesses create products and services that align with consumer needs and desires. For instance, understanding what brings the most satisfaction can lead companies to enhance features, improve quality, or even adjust pricing strategies to provide consumers with the best bang for their buck, ultimately resulting in happier customers.