In microeconomic terms, the ability of a good or a service to satisfy wants is called: utility.
Microeconomics is a subfield of traditional economics that examines how people and businesses behave when deciding how to distribute scarce resources and how these people and businesses interact. Unlike macroeconomics, which studies the entire national economy, microeconomics concentrates on the analysis of specific marketplaces, sectors, or industries.
Analysis of the market processes that determine relative prices for different goods and services and distribute scarce resources among potential users is one of the objectives of microeconomics. Microeconomics demonstrates the circumstances under which free markets result in optimal distributions. It also examines market failure, which occurs when markets are unable to generate effective outcomes.
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