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, in economics
value, in economics, worth of a commodity in terms of other commodities, or in terms of money (see price). Value depends on both desirability and scarcity. The marginal theory of value, pioneered in the late 19th cent. by Leon Walras, Stanley Jevons, and Carl Menger, has been highly influential in economics. It takes account of both scarcity and desirability by holding that the total value of a good depends on the utility rendered by the last unit consumed. It developed in opposition to David Ricardo's earlier labor theory of value, which holds that the value of a good derives from the effort of production, based on supply. Ricardo asserted that the cost of production can be reduced to the cost of labor, either paid in wages or used as capital, the physical means of production. In the marginal theory of value, there is an exchange value, as Ricardo postulated, but there is also a use value, which signifies the utility of a given commodity for satisfying a human desire. This distinction is equally important in Marxian economics. Marginal theory is fundamental to modern economics, because it points out that both supply and demand have an impact on the price of a commodity.


See M. H. Dobb, Theories of Value and Distribution Since Adam Smith (1975); M. Allingham, Value (1983); B. Fine, ed., The Value Dimension (1986).

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(ECONOMICS) the satisfaction or pleasure that a person derives from the consumption of a good or service. In the work of CLASSICAL ECONOMISTS, it was assumed that utility might be measured on an absolute scale. In modern economics, the assumption is merely that individuals are at least able to rank the satisfactions they receive or expect to receive. It is on this basis that conceptions and forms of analysis central in modern economics, e.g. indifference curves, conceptions of marginal utility, are formulated (see NEOCLASSICAL ECONOMICS).
Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000


One of the nonprocess (support) facilities for a manufacturing plant; usually considered as facilities for steam, cooling water, deionized water, electric power, refrigeration, compressed and instrument air, and effluent treatment.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.

public utility

A public service such as water, gas, electricity, telephone, sewers, etc.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.


a. a public service, such as the bus system; public utility
b. (as modifier): utility vehicle
2. Economics
a. the ability of a commodity to satisfy human wants
b. the amount of such satisfaction
3. Austral and NZ a small truck with an open body and low sides, often with a removable tarpaulin cover; pick-up
4. a piece of computer software designed for a routine task, such as examining or copying files
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005


(1) See utility program.

(2) Usefulness; fitness for a particular use. Utility is one of the six fundamental components of information security (see Parkerian Hexad). For example, if data are encrypted and the decryption key is unavailable, the breach of security is in the lack of utility of the data (they are still confidential, possessed, integral, authentic and available).
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References in periodicals archive ?
Even if the Federal Government is Not Legally Required to Accept State Jurisdiction Over the Utility Privatization Contractor, Should It Nevertheless Desire State Jurisdiction?
Jojo Garcia, MMDA general manager, said that some of the utility companies already coordinated with the engineering department of the agency.
He added that if people have complaints regarding utility stores then they could lodge a complaint on the number imprinted outside the utility stores.
He said utility store was committed to fulfil its promise of providing essential commodities to the general public at inexpensive and subsidised rates.
African Utility Week is the flagship energy event organised by the multi-award winning Spintelligent, leading Cape Town-based trade exhibition and conference organiser, and part of Clarion Events Ltd, based in the UK.
Its main objective is to clarify the definition of public utility to open up the industry to competition, according to the committee report.
This is the first of several similar planned courses in other aspects of utility risk management such as utility coordination, utility relocation design, utility asset management and more.
We focus on the three major electric utility types: (1) investor-owned utilities (IOU), (2) municipal utilities, and (3) electric cooperatives.
HB 3832 provides that no public utility driver's license shall be issued unless the applicant has complied with the mandated 15 days of actual driving examination for public utility train, five days for bus drivers, five days for public utility jeeps and three days for tricycles that will show the actual safe driving habits of the utility bus, jeep or tricycle driver applicant.
Utilities, in many cases, are also incentivized and required by public utility commissions (PUCs) to drive efficiency into the marketplace and reduce power generation costs.
According to Utility Store sources, after the increase of flour in bazaars the govt has also hiked the prices of flour in utility stores.

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