The theory of consumer choice

We as consumers consume... that’s what we do.  We were born to consume.  But why do we consume? We consume because we want to satisfy our wants.  In the analysis of consumer behavior one can say we as consumers attempt to maximize our satisfaction of wants. 

Utility is a term we as economists use for consumer satisfaction.  Utility therefore expresses the degree of satisfaction that a consumer derives from the consumption from a specific good or service. 

One way to measure utility is by means of the utility approach.  The approach is based on the assumption that individuals assign different units of value to certain goods or services that was consume.  I think it is time for an example:

Take a look at this video to understand utility.