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.

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.