ECONOMICS (CBSE/UGC NET)

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. You’ll be hungry and eating a meal will make you feel full. You’ll be a consumer of food. You are also a consumer when you go to school.

Detailed explanation-2: -A society’s economy is based on creating wealth through selling and buying. The people who do the selling and buying are producers and consumers. Producers create, or produce, goods and provide services, and consumers buy those goods and services with money. Most people are both producers and consumers.

Detailed explanation-3: -Many economists believe in consumer sovereignty. Simply put, this means that consumers are the main drivers in deciding what goods and services will be produced in any given market. In most cases, producers won’t bring things to the market unless they are filling a demand from consumers.

Detailed explanation-4: -Customers vs. Consumers The terms customer and consumer are nearly synonymous and are often used interchangeably.