Discuss the role of ‘Consumer in Market Economy’
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. When they do this, they make it so that other people can have jobs making the goods and services the consumers want.
You can see how important consumers are by looking at our own economy today. Consumer spending on goods and services makes up close to 70% of the GDP of the United States. If consumers did not demand these goods and services, many people would be out of work.
The consumer dictates so much of an economic system. Their role is significant. As previously stated, they determine the demand for a product. This becomes essential for without the consumer, issues of supply are thrown into complete limbo as there is a lack of direction. Additionally, a consumer's ability to spend helps to determine cost. Businesses don't do themselves any favor when price controls are constructed without taking the consumer's ability to spend into account. Through the consumer's purchasing power, the entire notion of business is
________ _____ _____ _______ ______ ________ ______ ________ _________ ___.
___ ____ ______ _______ ______ _____ ____ _____ ______ ______.
________ _______ _____ ________ ________ _________ ________ _____ _________ ____.
________ ___ _________ __________ ____ ___ ______ ________ ___ __________ ______.
________ ____ ______ _____ ______ ________ ___ __________ _________ __________ _____.
_________ ________ ________ ______ ____ _________ ________ __________.
______ __________ __________ ________ ______ ______ ________.
______ _____ _____ _____ ______ _______ ______ ___ ________ ___ ____ ________.
__________ ________ _______ _______ ______ __________.
____ _______ ____ __________ _______.
___ __________ ________ _________ _______ ___ _________ ________ _________ _______ _____ _______.
_______ _____ ______ __________ __________ ____ ________ ____.
_________ _______ ____ _____ ________ __________.
____ ____ _____ ________ ____ ___ ______ ___ ___ _______ ____ __________.
__________ _________ ________ _________ _________ ___ _____ _________ _______ ______ ________.
_______ ____ ______ ______ ____ __________ _____.
__________ __________ _________ ________ ___.
____ _________ _____ ____ ______ _______ _____ __________ ______ ________ ________.
________ ________ _________ _______ _____ ____.
__________ ___ ___ ______ _____ ____.
________ _________ _____ _____ _________ _____.
____ _____ _______ ____ _________ ______ ____ ___.
______ ___ _________ ______ _____ _______ _____ ___ _______ __________ _________.
_________ __________ ___ _____ _____ _________ ____ ________ _______ _________.
___ _________ _________ __________ ________ _______ _________ ________ ___.
_________ _____ _______ _______ ______ ________ _______ ____ ____.
________ ____ __________ ______ __________ __________ ____ _________ ________.
_______ __________ ____ ____ __________ _____ _______ ________ ___.
______ ___ ___ ________ ____ _____ _______ __________ _________.
_________ ______ _____ __________ _____ __________.
- Solved Assignments
- Study Notes
- Guess Papers
- Question Papers
✓ Unlock up to 60% of the answer
✓ No payment required