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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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