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UPSC Exam  >  UPSC Questions  >  Consumption goods are those which are bought ... Start Learning for Free
Consumption goods are those which are bought to satisfy wants
  • a)
    By banks only
  • b)
    By investors only
  • c)
    By producers only
  • d)
    By consumers
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Consumption goods are those which are bought to satisfy wantsa)By bank...
Explanation:

Consumption goods are those goods which are bought by individuals or households to satisfy their wants. These goods are not used for production or investment purposes but are simply consumed or used up. Examples of consumption goods include food, clothing, and electronics.

Consumption goods are also known as final goods because they are the end product of the production process and are not used for further production.

Consumption goods can be further classified into durable goods and non-durable goods. Durable goods are those goods which have a longer lifespan and can be used for a longer period of time such as cars, furniture, and appliances. Non-durable goods are those goods which are used up quickly such as food, toiletries, and cleaning supplies.

Consumption goods are an important part of the economy as they drive demand for goods and services. When households have more disposable income, they tend to spend more on consumption goods which can lead to economic growth.

In conclusion, consumption goods are those goods which are bought by households to satisfy their wants and are not used for production or investment purposes. They are an important part of the economy and can drive economic growth.
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Community Answer
Consumption goods are those which are bought to satisfy wantsa)By bank...
D
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In a poor country like India, as income rises people first concentrate on increasing their consumption of what they regard as basic or more essential consumer goods. For the poor, these goods would primarily include cereals and for people at successive levels of higher income protective foods, simple non-food consumer goods, more modern, better quality non-food consumer goods and simple consumer durables, better quality consumer goods, and so on. When the demand for basic and more essential consumer goods is more or less met, demand for the next higher level of consumer goods begins to impinge on consumer decision making and their consumption increases. There is thus a hierarchy of income levels and a hierarchy of consumer goods. As incomes rise and one approaches the turning point referred to, there is an upward movement along the hierarchy in the demand for consumer goods which exhibits itself in a relative increase in the demand for these goods. If one examines the past consumption behaviour of households in India, one finds confirmation of the proposition just made. Until the mid seventies one notices a rise in the proportion of consumption expenditure on cereals, and thereafter, a steady decline reflecting a progressive increase in the relative expenditure on non-cereal or protective foods. About the same time the rising trend in the share of food in total consumption expenditure also begins to decline, raising the proportion of expenditure on non-food consumer goods. Simultaneously one also notices a sharper rise in the proportion of expenditure on consumer durables. Thus, what one sees is an upward movement in consumer demand along the hierarchy of consumer goods which amounts to a major change in consumer behaviour.Prices of protective food have risen because

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Consumption goods are those which are bought to satisfy wantsa)By banks onlyb)By investors onlyc)By producers onlyd)By consumersCorrect answer is option 'D'. Can you explain this answer?
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