BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consumption.
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production.
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exchange.
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distribution.
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Detailed explanation-1: -The ultimate goal of all economic activity is consumption. What is production? Production is producing goods and services for consumption. Produces are individuals who make goods and services.
Detailed explanation-2: -The ultimate objectives focus on ensuring that the economy grows in a stable and sustainable way (and, as a consequence, that employment is available to all) and that wealth is distributed in a certain way.
Detailed explanation-3: -Answer and Explanation: The statement, “Consumption is the ultimate end of economic activity, ” is True.
Detailed explanation-4: -3] Consumption is also an Economic Activity It is what generates the production and the supply of goods and services. The consumption of goods promotes competition and introduction of better products in the market. So consumption encourages production activities, so it is in itself an economic activity.
Detailed explanation-5: -consumption, in economics, the use of goods and services by households. Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.