Question

What do you mean by consumption?​

Answer 1

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Consumption, defined as spending for acquisition of utility, is a major concept in economics and is also studied in many other social sciences. It is seen in contrast to investing, which is spending for acquisition of future income. Different schools of economists define consumption differently.

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Answer 2

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$<font color=blue>Consumption, in economics, the use of goods and services by households. Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.$