Functionality and Utility

noun

• Capable of serving a purpose well.
  • usage: "software with greater functionality"

noun

• A company that performs a public service; subject to government regulation.
  • synonyms: public utility, public utility company, public-service corporation
• The quality of being of practical use.
  • synonyms: usefulness
• The service (electric power or water or transportation) provided by a public utility.
  • usage: "the cost of utilities never decreases"; "all the utilities were lost after the hurricane"
• Economics) a measure that is to be maximized in any situation involving choice. (
• Computer science. ( a program designed for general support of the processes of a computer)
  • usage: "a computer system provides utility programs to perform the tasks needed by most users"
  • synonyms: utility program, service program
• A facility composed of one or more pieces of equipment connected to or part of a structure and designed to provide a service such as heat or electricity or water or sewage disposal.
  • usage: "the price of the house included all utilities"

adjective

• Used of beef; usable but inferior.
  • synonyms: utility-grade
• Capable of substituting in any of several positions on a team.
  • usage: "a utility infielder"
  • synonyms: substitute

• (n.) Adaptation to satisfy the desires or wants; intrinsic value. See Note under Value, 2.
• (n.) The quality or state of being useful; usefulness; production of good; profitableness to some valuable end; as, the utility of manure upon land; the utility of the sciences; the utility of medicines.
• (n.) Happiness; the greatest good or happiness, of the greatest number, -- the foundation of utilitarianism.

utility theory explains consumer tastes and preferences. Consumers purchase those things that give them satisfaction or utility. As a consumer consumes more of any one product, other goods and services look more desirable. As one consumes more of a product, smaller and smaller increments of pleasure or satisfaction come from it. The law of diminishing marginal utility underlies the law of demand.