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What is a consumer in economics?

Consumer: 1. One that consumes, especially one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing. Consumer Protection, from the Concise Encyclopedia of Economics: When you buy a good or service, you rarely have perfect knowledge of its quality and safety.

What does consumption mean in economics?

In an economy, a consumer buys goods or services primarily for consumption and not for resale or for commercial purposes. Consumers pay some amount of money (or equivalent) for goods or services. ) then consume (use up).

Who is a consumer?

The term most commonly refers to a person who purchases goods and services for personal use. "Consumers, by definition, include us all", said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15.

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