ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Consumption is defined as the use of goods and services by a household. It is a component in the calculation of the Gross Domestic Product (GDP). Macroeconomists typically use consumption as a proxy of the overall economy.

Detailed explanation-3: -Consumption goods are those goods that are used by the consumers and have no use in future. Capital goods are those goods that have a future use and are used for production of consumption goods. Purpose. Consumer goods are purchased in order to fulfill personal consumption needs.

Detailed explanation-4: -Consumer goods are products bought for consumption by the average consumer. Also called final goods, consumer goods are the end result of production and manufacturing. Clothing, food products, and dishwashers are examples of common consumer goods.

Detailed explanation-5: -The main types include convenience, shopping, specialty, and unsought consumer goods: Convenience: These goods are frequently consumed and easy to attain.