Question

(5) Discuss the significance of consumption.​

Answer 1

Answer:

Consumption is one of the bigger concepts in economics and is extremely important because it helps determine the growth and success of the economy. Businesses can open up and offer all kinds of great products, but if we don't purchase or consume their products, they won't stay in business for very long!

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Answer 2

Answer:

ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ ɪs ᴏɴᴇ ᴏғ ᴛʜᴇ ʙɪɢɢᴇʀ ᴄᴏɴᴄᴇᴘᴛs ɪɴ ᴇᴄᴏɴᴏᴍɪᴄs ᴀɴᴅ ɪs ᴇxᴛʀᴇᴍᴇʟʏ ɪᴍᴘᴏʀᴛᴀɴᴛ ʙᴇᴄᴀᴜsᴇ ɪᴛ ʜᴇʟᴘs ᴅᴇᴛᴇʀᴍɪɴᴇ ᴛʜᴇ ɢʀᴏᴡᴛʜ ᴀɴᴅ sᴜᴄᴄᴇss ᴏғ ᴛʜᴇ ᴇᴄᴏɴᴏᴍʏ. ʙᴜsɪɴᴇssᴇs ᴄᴀɴ ᴏᴘᴇɴ ᴜᴘ ᴀɴᴅ ᴏғғᴇʀ ᴀʟʟ ᴋɪɴᴅs ᴏғ ɢʀᴇᴀᴛ ᴘʀᴏᴅᴜᴄᴛs, ʙᴜᴛ ɪғ ᴡᴇ ᴅᴏɴ'ᴛ ᴘᴜʀᴄʜᴀsᴇ ᴏʀ ᴄᴏɴsᴜᴍᴇ ᴛʜᴇɪʀ ᴘʀᴏᴅᴜᴄᴛs, ᴛʜᴇʏ ᴡᴏɴ'ᴛ sᴛᴀʏ ɪɴ ʙᴜsɪɴᴇss ғᴏʀ ᴠᴇʀʏ ʟᴏɴɢ!

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