Define Consumption
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.
Consumption can be defined as the process of using goods and services to satisfy human wants and needs. It involves acquiring, using, and disposing of goods and services by individuals, households, or organizations. Consumption is an essential part of economic activity and is a major contributor to the growth of the economy. The level of consumption is impacted by factors such as income, price levels, preferences, and demographic factors. Consumption is often measured by the total amount of spending by households, businesses, and governments in an economy.
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