What do you understand by consumption ?
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Consumption is defined as the use of goods and services by a household. It is a component in the calculation of the Gross Domestic Product (GDP). Also, GDP can be used to compare the productivity levels between different countries. Macroeconomists typically use consumption as a proxy of the overall economy.
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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.
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