Terms and concepts associated with consumer affairs

Dwayne

Consumer

 

A buyer of a good or service in trade

The end user in the distribution chain of a good or service

 

Budgeting

 

The method of stating resources such as amount of capital, material, number of people etc.. into a planned time frame with objectives.

 

Savings

 

The fraction of disposable income not spent on expenditure of consumer goods.

 

Consumption

 

The manner in which a good or service is completely used up.

 

Goods

 

A commodity or a material, touchable item that satisfies a human want or need, or something that people find valuable or pleasing and make an attempt to obtain it.

 

Services

 

These are intangible products such as banking, education, insurance, bartending, hair dressing, selling, medical treatment, or transportation.

 

Demand

 

The desire for certain goods or services with the intention to buy. The amassed quantity of a product or service projected to be bought at a particular price.

 

Supply

 

The total amount of a good or service accessible for buying at any particular price.

 

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