Consumption means satisfaction of wants through commodities and services.
“Consumption 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.
BASIC CONCEPTS – CONSUMPTION