The satisfaction derived from Die consumption of a commodity is referred o as

Step 1: Analyze the question The question asks for the economic term for the satisfaction a person gets from consuming a good or service. (The typos "Die" and "o" are just "the" and "to".)

Step 2: Explain the concept In economics, utility is the satisfaction, pleasure, or want-satisfying power that a consumer gets from consuming a commodity. It is the foundation of consumer behaviour theory, including:

• Total utility (TU): the total satisfaction from all units consumed.
• Marginal utility (MU): the extra satisfaction from consuming one more unit.
• Law of diminishing marginal utility: as you consume more units of a good, the additional satisfaction from each extra unit falls.

Step 3: Check each option

• A. Consumption: the act of using goods and services, not the satisfaction gained from it.
• B. Demand: the quantity of a good consumers are willing and able to buy at a given price.
• C. Production: the creation of goods and services.
• D. Utility: the satisfaction derived from consuming a commodity. ✔
• E. Utilization: the act of making use of something, not the satisfaction gained from it.

Step 4: Answer The correct answer is D. utility.

Exam tip: Link the words together: utility = usefulness = satisfaction. If a question mentions "satisfaction" or "want-satisfying power," think utility. Don't confuse it with utilization, which sounds similar but means "putting to use."