inferior
When consumers get more money, they tend to substitute normal goods for _inferior_ goods.
Consumers with more money are more likely to purchase luxury goods.
Superior goods are those which experience increased consumption as incomes increase.
Goods are consumer wants and needs that are produced. Services are things that people pay for once and receive something. Consumers spend money on both.
inferior
When consumers get more money, they tend to substitute normal goods for _inferior_ goods.
Consumers with more money are more likely to purchase luxury goods.
Superior goods are those which experience increased consumption as incomes increase.
Consumers spend money and buy goods from producers
Goods are consumer wants and needs that are produced. Services are things that people pay for once and receive something. Consumers spend money on both.
The definition of a consumer is a person who uses goods and services. From this definition, consumers don't earn any money. They pay money to buy these goods and services. In the real world, everyone is a consumer, so you could argue that a consumer can earn anywhere between no money and an infinite amount.
*to get maximum satisfaction for the money he pays *to get legal cover *to protect from unhealthy goods
Entrepreneurs earn money by selling goods and services to businesses and consumers. The fewer costs they have the more money they make.
They pay more for goods but enable workers to earn more money
the FTC lifted the restrictions on advertising with the hope of saving consumers as much as $400 million annually.
Chain stores are able to purchase goods in large volumes for reduced prices from manufacturers, and can then sell the goods to consumers for less money.