What term describes the usefulness of a product to a consumer?

The term that describes the usefulness of a product to a consumer is "utility." In economic terms, utility refers to the satisfaction or pleasure that consumers derive from consuming goods and services. It is a subjective measure, meaning that different individuals might derive different levels of satisfaction from the same product based on their preferences, needs, and circumstances.

Utility can be classified into different types, such as total utility, which is the overall satisfaction gained from all units consumed, and marginal utility, which refers to the additional satisfaction gained from consuming one more unit of a good or service. Understanding utility is crucial for analyzing consumer behavior, as it influences purchasing decisions and demand for products in the market.

While "need," "value," and "demand" are related concepts in economics, they do not specifically capture the aspect of usefulness in the same way utility does. A need refers to something essential for survival, value pertains to the worth assigned to a good or service, and demand reflects a consumer's desire to purchase a product coupled with their ability to pay for it. Therefore, utility is the precise term that aligns with the usefulness of a product from the consumer's perspective.