Changes

==Origin==

==Origin==

[http://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English] ''consumpcioun'', from [[Latin]] ''consumption''-, ''consumptio'', from ''consumere''. Wasting of the [[body]] (13th cent. or earlier in Anglo-Norman in a [[medical]] [[context]]; this sense is apparently not paralleled in continental French until much later (1559)), dissipation or reduction of moisture by [[evaporation]] (13th cent. or earlier in Anglo-Norman in a [[medical]] [[context]]; this sense is apparently not paralleled in continental French until later (1380)), destruction (late 13th cent. in Old French), wasting [[disease]], especially pulmonary tuberculosis (a1365), in Anglo-Norman also [[act]] of consuming ([[food]] or drink). In post-classical Latin also destruction (Vulgate), [[death]] (5th cent. in [http://en.wikipedia.org/wiki/Augustine Augustine])

[https://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English] ''consumpcioun'', from [[Latin]] ''consumption''-, ''consumptio'', from ''consumere''. Wasting of the [[body]] (13th cent. or earlier in Anglo-Norman in a [[medical]] [[context]]; this sense is apparently not paralleled in continental French until much later (1559)), dissipation or reduction of moisture by [[evaporation]] (13th cent. or earlier in Anglo-Norman in a [[medical]] [[context]]; this sense is apparently not paralleled in continental French until later (1380)), destruction (late 13th cent. in Old French), wasting [[disease]], especially pulmonary tuberculosis (a1365), in Anglo-Norman also [[act]] of consuming ([[food]] or drink). In post-classical Latin also destruction (Vulgate), [[death]] (5th cent. in [https://en.wikipedia.org/wiki/Augustine Augustine])

*[http://en.wikipedia.org/wiki/14th_century 14th Century]

*[https://en.wikipedia.org/wiki/14th_century 14th Century]

==Definitions==

==Definitions==

*3: the utilization of [[economic]] [[goods]] in the [[satisfaction]] of wants or in the [[process]] of production resulting chiefly in their destruction, deterioration, or [[transformation]]

*3: the utilization of [[economic]] [[goods]] in the [[satisfaction]] of wants or in the [[process]] of production resulting chiefly in their destruction, deterioration, or [[transformation]]

==Description==

==Description==

'''Consumption''' is a common [[concept]] in [[economics]], and gives rise to derived [[concepts]] such as consumer [[debt]]. Generally, consumption is defined in part by comparison to production. But the [[precise]] [[definition]] can vary because different [[schools]] of economists define [http://en.wikipedia.org/wiki/Production_(economics) production] quite differently. According to [http://en.wikipedia.org/wiki/Mainstream_economics mainstream economists], only the final purchase of goods and services by [[individuals]] constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption and [[government]] spending — are placed in separate categories. See [http://en.wikipedia.org/wiki/Consumer_choice consumer choice]. Other economists define consumption much more broadly, as the [[aggregate]] of all [[economic]] [[activity]] that does not entail the [[design]], production and marketing of [[goods]] and services (e.g. the selection, adoption, use, disposal and recycling of goods and services).

'''Consumption''' is a common [[concept]] in [[economics]], and gives rise to derived [[concepts]] such as consumer [[debt]]. Generally, consumption is defined in part by comparison to production. But the [[precise]] [[definition]] can vary because different [[schools]] of economists define [https://en.wikipedia.org/wiki/Production_(economics) production] quite differently. According to [https://en.wikipedia.org/wiki/Mainstream_economics mainstream economists], only the final purchase of goods and services by [[individuals]] constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption and [[government]] spending — are placed in separate categories. See [https://en.wikipedia.org/wiki/Consumer_choice consumer choice]. Other economists define consumption much more broadly, as the [[aggregate]] of all [[economic]] [[activity]] that does not entail the [[design]], production and marketing of [[goods]] and services (e.g. the selection, adoption, use, disposal and recycling of goods and services).

Likewise, consumption can be measured by a [[variety]] of [[different]] ways such as [[energy]] in  econometrics. The total consumer spending in an economy is generally calculated using the consumption [[function]], a metric devised by [http://en.wikipedia.org/wiki/John_Maynard_Keynes John Maynard Keynes], which simply [[expresses]] consumption as a function of the aggregate disposable income. This metric essentially defines consumption as the part of disposable income that does not go into saving. But disposable income in turn can be defined in a number of ways - e.g. to include borrowed funds or expenditures from savings.  

Likewise, consumption can be measured by a [[variety]] of [[different]] ways such as [[energy]] in  econometrics. The total consumer spending in an economy is generally calculated using the consumption [[function]], a metric devised by [https://en.wikipedia.org/wiki/John_Maynard_Keynes John Maynard Keynes], which simply [[expresses]] consumption as a function of the aggregate disposable income. This metric essentially defines consumption as the part of disposable income that does not go into saving. But disposable income in turn can be defined in a number of ways - e.g. to include borrowed funds or expenditures from savings.  

[[Category: Economics]]

[[Category: Economics]]