The activity of using goods and services for the direct satisfaction
human wants is called
(A) production.
(B) consumption
(C) capital formation
pital formation
(D) None of the above
Answers
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Right Option = (B) consumption
Explanation:
- consumption is the activity in which people consume goods and services to satisfy their direct needs and wants.
Examples of consumption goods and services
- Food , Electricity, clothing, books, pens, mobile phones, electronic television, airplanes, bullet trains, roads, buses, homes, Bank services, telecom services, insurance services etc.
- These are the goods and services that people consume on daily basis to satisfy their needs and their wants.
Thus, right answer for this question is option (B) consumption.
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