ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Individual who purchases and uses goods and services to satisfy wants and needs.
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Inferior Good
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Necessity
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Reference Group
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Consumer
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Explanation:
Detailed explanation-1: -Consumers are people who buy or use goods and services to satisfy their wants. When you eat your dinner, you will be a consumer.
Detailed explanation-2: -Consumers are defined as individuals or businesses that consume or use goods and services. Customers are the purchasers within the economy that buy goods and services, and they can exist as consumers or alone as customers.
Detailed explanation-3: -The person who purchase the goods are called purchasers or consumers.
Detailed explanation-4: -This want-satisfying quality in a good is called Utility. Hence utility means the power to satisfy a human want. Was this answer helpful?
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