Consumer Behaviour: Basics and Significance

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Questions and Answers

What does the term 'consumer' refer to?

  • Someone who promotes goods or services to potential buyers
  • Someone who sells goods or services in the market
  • Someone who produces goods and services for personal consumption
  • Someone who pays for goods or services for personal use (correct)

Why are consumers considered vital in the economic system?

  • They regulate the prices of goods and services
  • They control the production of goods and services
  • They determine the demand for goods and services (correct)
  • They manage the distribution of goods and services

In what instances are goods bought for 'final use' according to the text?

  • For personal use, household consumption, or as an end user (correct)
  • For stockpiling and inventory management
  • For resale in the market to generate profit
  • For promotional activities or marketing campaigns

What is the role of an organisational consumer?

<p>To procure goods and services for profit or not-for-profit organizations (B)</p> Signup and view all the answers

What does 'consumer behaviour' refer to?

<p>The actions and decision processes of people who purchase goods and services for personal consumption (A)</p> Signup and view all the answers

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