Question

define consumer as an economic entity?

Answer 1

Answer:

Consumers are the basic economic entities in an economy. They consume goods and services in the market. Generally, consumers consist of institutions, groups of individuals and individuals. Hence, economists have replaced the concept of the consumer with that of households.

Answer 2

Consumers are the basic economic entities in an economy. They consume goods and services in the market. Generally, consumers consist of institutions, groups of individuals and individuals. Hence, economists have replaced the concept of the consumer with that of households.