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Wants and utility are closely interconnected concepts in microeconomics. A “want” refers to the desire or need for goods and services that provide satisfaction or fulfill a specific requirement. It arises due to the existence of human needs, which are unlimited in nature. On the other hand, “utility” is defined as the satisfaction or pleasure derived from consuming a good or service. Therefore, utility is the measure of how well a particular want is satisfied. When a consumer consumes a good to fulfill a want, the utility gained reflects the intensity or urgency of that want. Hence, the stronger the want, __________ ____ _________ _____ ______ _____ ________.
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