CONSUMPTION 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…
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Basic Concepts – Introduction
BASIC CONCEPTS Basic concepts need to be understood in order to avoid misunderstanding. Every science uses certain terms which are commonly used in ordinary language. When they are used in scientific discussion, they are assigned specific and scientific meaning. In…