Please wait...
1800-212-7858 (Toll Free)
9:00am - 8:00pm IST all days

or

Thanks, You will receive a call shortly.
Customer Support

You are very important to us

For any content/service related issues please contact on this toll free number

022-62211530

Mon to Sat - 11 AM to 8 PM

Home / Doubts and Solutions/ICSE/Class 9/Economics Applications

Explain the three classifications of a consumer.

Asked by Topperlearning User 5th June 2015, 9:02 AM
Answered by Expert
Answer:

A consumer is classified as follows:

  1. Direct consumer: In the process of providing an income to the people, a variety of goods and services are produced in an economy. Initially goods are produced for self-consumption.  The producers for self-consumption are called direct producers. Consumers by exchanging goods: Gradually man realised that he cannot produce everything that he wants. Therefore, he has to depend on others to satisfy his wants. Some people were specialised in the production of wheat while few others specialised in the production of cloth. Each one of them produced more than one of his own requirements in order to exchange the surplus to obtain other goods of his requirement. Such a system is called the barter system.
  2. Modern consumers: In the modern economy, producers produce goods and services and make them available in the market for sale. Consumers purchase these goods and services from the market at the best bargain prices. These goods and services are purchased through the exchange of money.
Answered by Expert 5th June 2015, 11:02 AM
Rate this answer
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10

You have rated this answer /10

Report an issue
Previous Question
Next Question
Your answer has been posted successfully!

Free related questions

1.Write a short note on MNREGA.
2.I want 10 pages information on unemployment.
3.I want 10 pages information on Food security.
3rd September 2016, 3:42 PM
what are attributes
10th October 2017, 4:03 PM
what is the meaning of operating system  
2nd March 2018, 10:32 AM
All activities in commerce does not generate income. Justify.
6th April 2018, 9:11 AM
basic economic entities in an economy  
25th June 2018, 8:52 AM
RELATED STUDY RESOURCES :
ICSE Class-9 QUESTION ANSWERS

Chat with us on WhatsApp