BASIC CONCEPTS – CONSUMPTION

CONSUMPTION
Consumption means satisfaction of wants through commodities and services.
‚ÄúConsumption a is deliberate destruction of utility for satisfaction of wants”
Consumption may be
[a] Final consumption.
[b] Wasteful consumption / extravagant consumption.
[c] Indirect consumption-
Consumption is the beginning and end of all economic activity. All individuals are engaged in two roles as producers and as consumers. Consumers determine the level of production and progress.

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