ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumerism is the propensity to consume and keep consuming. It is the drive to buy and own more stuff, and to define one’s identity through what they own. Economists view consumerism as a positive for consumer spending and GDP growth.

Detailed explanation-2: -A consumer is the one who purchases the product for his/her own need and uses or consumes it. A consumer cannot resell the good, product or service but can consume it to earn his/her livelihood and self-employment. Definition of consumer. The consumer is the one who is the end-user of any goods or services.

Detailed explanation-3: -Consumer spending, or personal consumption expenditures (PCE), is the value of the goods and services purchased by, or on the behalf of, U.S. residents. At the national level, BEA publishes annual, quarterly, and monthly estimates of consumer spending. Current Release.

Detailed explanation-4: -Examples of a consumer A consumer is any person or group who is the final user of a product or service. Here are some examples: A person who pays a hairdresser to cut and style their hair. A company that buys a printer for company use.