BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Consumers satisfy their wants by using goods and services supplied by producers and distributors and this is known as consumption.
Detailed explanation-2: -This want-satisfying quality in a good is called Utility. Hence utility means the power to satisfy a human want.
Detailed explanation-3: -Consumption is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing, which is spending for acquisition of future income. Consumption is a major concept in economics and is also studied in many other social sciences.
Detailed explanation-4: -Consumption is defined as the use of goods and services by a household.
Detailed explanation-5: -Consumer goods satisfy human wants directly.