Questions and Answers
What is the primary factor that determines an individual's consumption pattern?
Level of income
What happens to consumption when prices of goods and services rise?
Consumers reduce their consumption
What is the effect of higher interest rates on loans and mortgages on consumption?
It discourages borrowing for consumption purposes
What is the relationship between income and consumption?
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What is the effect of lower prices on goods and services on consumption?
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What is the impact of consumer confidence on consumption?
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What is a key consequence of economic uncertainty on consumption patterns?
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How do demographics influence consumption patterns?
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What role do individual preferences and cultural norms play in shaping consumption patterns?
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How can government policies affect consumption?
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What impact can advances in technology have on consumption patterns?
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What is a consequence of increasing awareness of environmental issues and social responsibility?
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