Which term best describes the ability of a product to satisfy a human want or need?

The term that best describes the ability of a product to satisfy a human want or need is utility. In economic and appraisal contexts, utility refers to the inherent satisfaction or usefulness that a good or service provides to consumers. This concept is fundamental to understanding how products are valued in the marketplace, as higher utility often leads to greater demand and, consequently, a higher market value.

In this context, value refers to the monetary worth of a good or service and is influenced by utility but is not synonymous with it. Demand relates to the consumer's willingness and ability to purchase a product, which again is affected by the utility of the product but does not define its capacity to satisfy needs or wants. Desire refers to the personal or emotional longing for a product, which may or may not translate into actual utility or value. Therefore, utility directly captures the essence of how well a product meets the needs or desires of individuals, making it the most accurate term in this case.