consumption

the satisfaction obtained by CONSUMERS from the use of goods and services. Certain CONSUMER DURABLE products, like washing machines, are consumed over a longish period of time, while other products, like cakes, are consumed immediately after purchase. The DEMAND CURVE for a particular product reflects consumers’ satisfactions from consuming it. See WANTS, DEMAND.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

Mentioned in

aggregate demand
aggregate demand schedule
Austrian school
autonomous consumption
Autonomy
average propensity to consume
bilateral flows
borrower
Breeden, Douglas T.
buyer
Buyer Behavior
capital accumulation
capital consumption
capital stock
circular flow of national income model
collective products
conspicuous consumption
consumer wants
consumption expenditure

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