what is the importance of consumer in an economy give two example
Answers
Their role is significant. ... The role of a consumer (or of consumers in general) is important in an economic system because it is consumers who demand goods and services. Eg:1) They make it so that other people can have jobs. 2) making the goods and services the consumers want.
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Explanation:
Consumers are the basic economic entities of an economy. All the consumers consume goods and services directly and indirectly to maximise satisfaction and utility.
Consumers have limited income and by which they want to satisfy their maximum utility (utility is the want satisfying capacity of a commodity).
Generally, consumer means an individual only; however, consumers will consist of a particular individual, a group of individuals, institutions etc.
Types (Kinds) of Consumers:
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According to the nature of consumption, consumers are of following types:
(i) Direct Consumers:
History tells us that at the very early stage of civilisation producers produced all the basic needs of life for themselves and their families. All the basic needs like food, clothing and shelter they produced for their own and their family’s consumption. Hence, the producers were producing goods for their self- consumption. Thus, they were called as direct consumers or direct producers also.