Which economic concept involves the total satisfaction gained from consuming a good or service?

The concept that involves the total satisfaction gained from consuming a good or service is called utility. Utility reflects the pleasure, happiness, or satisfaction that a consumer derives from the consumption of a product. It is a fundamental principle in economics, as it helps to explain consumer behavior and decision-making.

When consumers make choices, they typically aim to maximize their utility, meaning they will choose goods or services that provide them with the greatest satisfaction. Understanding utility is crucial for analyzing how consumers allocate their resources and how they respond to changes in prices or income.

Diminishing returns, value, and choice are related concepts but do not specifically define the total satisfaction derived from consumption. Diminishing returns refers to a decrease in the incremental output obtained from an additional unit of input. Value relates to the worth of a good or service determined by the market or consumer perception, while choice refers to the decision-making process consumers undergo when selecting among alternatives.