What are the different kinds of consumption?

Answer 1

Consumption can be categorized into various types, including personal consumption, which refers to the goods and services individuals purchase for personal use; public consumption, involving government expenditure on services like education and healthcare; and durable versus non-durable consumption, where durable goods are long-lasting items like cars and appliances, while non-durable goods are consumed quickly, like food and toiletries. Additionally, there is conspicuous consumption, which emphasizes the purchase of luxury items for social status, and sustainable consumption, focusing on environmentally friendly products and practices. Each type reflects different motivations and impacts on the economy and society.