Question

Ramesh and Harish are friends. Both of them are doing business. Ramesh grows crops in his field. Harish owns a factory. Both of them are involved in the process of consumption. a) Identify the role played by both of them. (1) b) How many classes are involved in the complete process of consumption? What are they?​

Answer 1

Answer:

According to mainstream economists, only the final purchase of goods and services by individuals constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories

Answer 2

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• According to mainstream economists, only the final purchase of goods and services by individuals constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (See consumer choice)...

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