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The Consumer
From ZuluNotes - Free Leaving Cert Notes
(Redirected from The consumer)
| The Consumer | ||
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| Subject: | Economics | |
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| Section | ||
| Question | ||
| Level | H&O | |
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The consumer is the decision making unit that buys goods and services
Consumers earn their incomes by supplying one or more factors of production, Land, Labour, Capital or Enterprise
Consumers are said to act rationally, i.e. they buy the goods and services that give them the most satisfaction.
Definitions
- Consumer income: The ability of a consumer to buy goods. This is limited
- Consmer choice: Once a consumer's needs are satisfied, they are faced with a vast range of products to chose from.
- Consmer rationality:' Consumers are said to act rationally, i.e. they purchase goods that give them the most satisfaction (Utility)
- Utility: Satisfaction gained from consuming goods and services.
