Which economic concept relates to a person's satisfaction in consuming goods or services?

The concept of utility is central to understanding how a person's satisfaction is derived from consuming goods or services. Utility refers to the pleasure or satisfaction that individuals receive from the consumption of a product or service. It is a subjective measure, meaning it varies from person to person based on their preferences, desires, and circumstances.

Each good or service consumed provides a certain level of utility, and individuals make choices based on the utility they expect to gain. This concept serves as the foundation for many economic theories, including consumer choice theory, which examines how individuals allocate their resources to maximize their total utility.

While cost, value, and demand are all important economic concepts, they do not directly measure satisfaction in the same way that utility does. Cost relates to the resources sacrificed to obtain goods or services, value refers to the worth of a good or service, often in monetary terms, and demand represents the quantity of a good or service that consumers are willing and able to purchase at various prices. Thus, utility specifically addresses consumer satisfaction, making it the correct answer.