Consumption strongly relates to income. We can say that purchase of the goods and services are count as consumption.
Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services)
Refer more here please - http://en.wikipedia.org/wiki/Consumption_(economics)
Aug 14th, 2014
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