Questions: The term utility refers to satisfaction, productivity, efficiency, adaptability, a low-valued good.

The answer is: satisfaction.

Explanation:

• Satisfaction: Utility in economics refers to the satisfaction or pleasure that consumers derive from consuming goods and services. It is a measure of the happiness or benefit gained from consumption.

• Productivity: This refers to the efficiency of production, typically measured as the output per unit of input. It is not related to the concept of utility.

• Efficiency: This is about how well resources are used to achieve a desired outcome, often with minimal waste. While related to economic concepts, it is not the definition of utility.

• Adaptability: This refers to the ability to adjust to new conditions. It is not related to the concept of utility in economics.

• A low-valued good: This does not define utility. Utility is about the satisfaction from consumption, not the value or price of a good.