Ask AI: Explain the economic concept of utility in your own words and give a real-world example

Utility is an economic concept that refers to the satisfaction or happiness derived from a good or service. It is a way of measuring the value of a product or service to an individual or a group. In other words, it is the subjective use or purpose that a product or service has to a person or group. For example, a car can provide different levels of utility to different people. For a young person, a car may provide a great deal of utility in terms of the convenience of transportation; whereas, for an elderly person, a car may provide a much lower level of utility due to their lack of mobility.