Consumers and the Items They Consume Can Take Many Forms

question 69

Essay

Consumers and the items they consume can take many forms. Give examples of three different types of consumers and examples of three different types of items they could consume, including products, services, and ideas.

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Definitions:

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, used to estimate inflation.

Economy's Production

The total output of goods and services produced by a country's economy over a specific period.

Goods And Services

The output produced by economic activities which are either tangible products or intangible acts benefiting individuals or society.

Price Level

A metric that represents the typical prices of goods and services in an economy at a given time.