Economic theory suggests that a consumer's choice of a good or service is based on where he or she expects to achieve the highest utility.
In economics, the term "utility" describes the overall satisfaction or benefit from consuming a good or service. It is a common assumption in economic theories of rational choice that consumers will attempt to maximise their utility.
People make purchases of goods and services in order to gain satisfaction or benefit. When they consume it, they are able to meet a need or desire as a result. This occurrence is known as economic utility. This includes the four fundamental principles of form utility, time utility, place utility, and possession utility.
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