Consumers
Definition
Consumers are individuals or groups of people who purchase and use goods or services to satisfy their needs and wants. They play a crucial role in the economy by driving demand.
Analogy
Think of consumers as hungry customers at a restaurant. They come in, look at the menu (goods and services), place their orders, and pay for what they want. The success of the restaurant depends on satisfied customers coming back for more.
Related terms
Market: A market is a place or platform where buyers (consumers) and sellers interact to exchange goods or services.
Demand: Demand refers to the quantity of a good or service that consumers are willing and able to buy at various price levels.
Consumer Behavior: Consumer behavior studies how individuals make decisions regarding what products to buy, when to buy them, and where to buy them based on their preferences, needs, and budget constraints.
"Consumers" appears in:
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