Consumption (economics)
hideConsumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally consumption is defined by opposition to production. But the precise definition can vary because different schools of economists define production quite differently. According to some economists, only the final purchase of goods and services constitutes consumption, and every other commercial activity is some form of production. 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").
Likewise, consumption can be measured by a variety of different metrics such as energy in energy economics . The total consumer spending in an economy is generally calculated using the consumption function, a metric devised by John Maynard Keynes, which simply takes the aggregate disposable income and multiplies it by a "marginal propensity to consume". This metric essentially defines consumption as the part of disposable income that does not go into savings. But disposable income in turn can be defined in a number of ways - e.g. to include borrowed funds or expenditures from savings.
For more information about Consumption (economics), read the full article at
Wikipedia.
This text uses material from Wikipedia and is available under the GNU Free Documentation License.
News tagged with spending
US tops world in health care spending, results lag
Dec 08, 2009 |
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(AP) -- The United States ranks near the bottom in life expectancy among wealthy nations despite spending more than double per person on health care than the industrialized world's average, an economic group said Tuesday.
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Governments turn to cloud seeding to fight drought
Space & Earth / Earth Sciences
4 hours ago |
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(AP) -- On a mountaintop clearing in the Sierra Nevada stands a tall metal platform holding a crude furnace and a box of silver iodide solution that some scientists believe could help offer relief from searing ...
Nokia Booklet has flashy looks, but little substance
Electronics / Consumer & Gadgets
11 hours ago |
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If the iPhone ushered in the era of cell phones that act like computers, then the recently released Nokia Booklet 3G netbook is an attempt to bring some of the features of a smart phone to a computer.
Diners spend more when menus don't use dollar signs
Dec 09, 2009 |
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(PhysOrg.com) -- Restaurant patrons tend to spend more money when they select their items from menus that don't use dollar signs, reports a new Cornell study.
Most primary-care physician practices appear too small to adequately measure quality
Dec 08, 2009 |
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Most primary care physicians active in the Medicare program work in practices with too few patients to reliably measure significant differences in common measures of quality and cost performance, according to a study in the ...
'Rational drug design' identifies fragments of FDA-approved drugs relevant to emerging viruses
Dec 06, 2009 |
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A massive, data-crunching computer search program that matches fragments of potential drug molecules to the known shapes of viral surface proteins has identified several FDA-approved drugs that could be the basis for new ...
'Doughnut hole' unites seniors wary of health bill
Dec 04, 2009 |
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(AP) -- Lawmakers have wooed seniors skeptical of the health care overhaul by emphasizing the plan would close the "doughnut hole" - a gap in Medicare drug coverage that can cost thousands of dollars a year.
Crew plans to cut rope to free Hawaii whale
Dec 04, 2009 |
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(AP) -- Marine sanctuary officials planned to return to Hawaii waters with modified equipment Friday to try to cut loose a young humpback whale entangled in several hundred yards of heavy plastic rope.
Comcast-NBC deal shows future is in content
Dec 04, 2009 |
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(AP) -- Comcast Corp. is buying control of NBC Universal from GE largely because Comcast wants to own more movies and TV shows. The point is to give it a position of strength if fewer people sign up for its ...
Global warming may require higher dams, stilts
Dec 03, 2009 |
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(AP) -- With the world losing the battle against global warming so far, experts are warning that humans need to follow nature's example: Adapt or die.
Novel carbon-trading scheme could stop large-scale extinctions
Dec 03, 2009 |
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A new strategy for saving tropical forest species was published in the leading journal Science on the eve of the United Nations Framework Convention on Climate Change in Copenhagen, Denmark, by a team of researchers, includ ...
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