Etymology
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utility (n.)

late 14c., "fact of being useful," from Old French utilite "usefulness" (13c., Modern French + utilité), earlier utilitet (12c.), from Latin utilitatem (nominative utilitas) "usefulness, serviceableness, profit," from utilis "usable," from uti "make use of, profit by, take advantage of" (see use (v.)). Meaning "a useful thing" is from late 15c. As a shortened form of public utility it is recorded from 1930.

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Definitions of utility
1
utility (n.)
a company that performs a public service; subject to government regulation;
Synonyms: public utility / public utility company / public-service corporation
utility (n.)
the quality of being of practical use;
Synonyms: usefulness
utility (n.)
the service (electric power or water or transportation) provided by a public utility;
utility (n.)
(economics) a measure that is to be maximized in any situation involving choice;
utility (n.)
(computer science) a program designed for general support of the processes of a computer;
a computer system provides utility programs to perform the tasks needed by most users
Synonyms: utility program / service program
utility (n.)
a facility composed of one or more pieces of equipment connected to or part of a structure and designed to provide a service such as heat or electricity or water or sewage disposal;
2
utility (adj.)
capable of substituting in any of several positions on a team;
a utility infielder
Synonyms: substitute
utility (adj.)
used of beef; usable but inferior;
Synonyms: utility-grade
From wordnet.princeton.edu