Introduction
Consumption
is an essential economic activity. The quantity and quality of consumption
determine the standard of living of the people. Consumption is the act of
satisfying one’s wants. Consumption is defined as “the use of goods and services for satisfying wants”. In economics, consumption is studied both at micro level
and macro level.
Consumption
is the beginning of economic science. In the absence of consumption, there can
be no production, exchange or distribution. Consumption is also an end of
production. Producers produce goods to satisfy the wants of the people.
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