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Explain the consumer behavior model.How does this model help retailers provide value to their customers?
Consumption Function
As income rises, consumption rises, but not as quickly.
John Maynard Keynes
A British economist whose theories on government intervention in economies (Keynesian economics) have greatly influenced modern macroeconomic policies, particularly regarding the use of fiscal and monetary measures.
Karl Marx
A 19th-century philosopher, economist, and political theorist known for his critique of capitalism and the development of Marxist theory.
Milton Friedman
An influential American economist and Nobel laureate known for his strong belief in free-market capitalism and minimal government intervention.
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