Question

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​

Answer 1

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.