Person who buys or uses a good or service.

Question

Want to see more full solutions like this?

Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 1, Problem 1TR

To determine

Person who buys or uses a good or service.

Expert Solution & Answer

Explanation of Solution

A person who buys or uses a good or service is known as consumer. The consumer will always try to maximize his utility through consumption of goods and services with a lower expenditure. Also, a consumer plays a major role in the growth of economy. This is because the needs of consumers will increase the demand for a product and this will force the producer to produce more. This will increase the job opportunities in the economy and boost the economic transactions and growth.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

A motor vehicle

the quantity of a good or service which consumers want and have the ability to purchase

Question:

Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 1, Problem 1TR

To determine

Person who buys or uses a good or service.

Expert Solution & Answer

Explanation of Solution

A person who buys or uses a good or service is known as consumer. The consumer will always try to maximize his utility through consumption of goods and services with a lower expenditure. Also, a consumer plays a major role in the growth of economy. This is because the needs of consumers will increase the demand for a product and this will force the producer to produce more. This will increase the job opportunities in the economy and boost the economic transactions and growth.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 1, Problem 1TR

To determine

Person who buys or uses a good or service.

Expert Solution & Answer

Explanation of Solution

A person who buys or uses a good or service is known as consumer. The consumer will always try to maximize his utility through consumption of goods and services with a lower expenditure. Also, a consumer plays a major role in the growth of economy. This is because the needs of consumers will increase the demand for a product and this will force the producer to produce more. This will increase the job opportunities in the economy and boost the economic transactions and growth.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 1, Problem 1TR

To determine

Person who buys or uses a good or service.

Expert Solution & Answer

Explanation of Solution

A person who buys or uses a good or service is known as consumer. The consumer will always try to maximize his utility through consumption of goods and services with a lower expenditure. Also, a consumer plays a major role in the growth of economy. This is because the needs of consumers will increase the demand for a product and this will force the producer to produce more. This will increase the job opportunities in the economy and boost the economic transactions and growth.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1TR

To determine

Person who buys or uses a good or service.

Expert Solution & Answer

Explanation of Solution

A person who buys or uses a good or service is known as consumer. The consumer will always try to maximize his utility through consumption of goods and services with a lower expenditure. Also, a consumer plays a major role in the growth of economy. This is because the needs of consumers will increase the demand for a product and this will force the producer to produce more. This will increase the job opportunities in the economy and boost the economic transactions and growth.

Answer 6

Chapter 1, Problem 1TR

To determine

Person who buys or uses a good or service.

Expert Solution & Answer

Explanation of Solution

A person who buys or uses a good or service is known as consumer. The consumer will always try to maximize his utility through consumption of goods and services with a lower expenditure. Also, a consumer plays a major role in the growth of economy. This is because the needs of consumers will increase the demand for a product and this will force the producer to produce more. This will increase the job opportunities in the economy and boost the economic transactions and growth.

Answer 7

Chapter 1, Problem 1TR

To determine

Person who buys or uses a good or service.

Answer 8

Expert Solution & Answer

Explanation of Solution

A person who buys or uses a good or service is known as consumer. The consumer will always try to maximize his utility through consumption of goods and services with a lower expenditure. Also, a consumer plays a major role in the growth of economy. This is because the needs of consumers will increase the demand for a product and this will force the producer to produce more. This will increase the job opportunities in the economy and boost the economic transactions and growth.