Economics : Consumption Free Essay

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Economics : Consumption

What are the main determinants of consumption in an economy? What are the effects of increase in consumption upon the economy? Consumption is the process where by individuals use up goods and services. This is spending by UK citizens (households) on domestically produced goods and services. Spending on imported goods and services is not classed as consumption because import spending is a withdrawal from the circular flow. Some goods are quickly used up to satisfy our wants, usually food. Others satisfy wants over a longer period of time. These are called consumer durables, televisions and washing machines etc. The main determinant of consumption is income, this includes current and permanent income but there are also many other factor

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