What is a person or business that buys, or consumes, goods or services called?
Demand
Consumer
Supply
Producer
Consumer
A person or business that buys or consumes goods or services is called a consumer.
The correct answer is "Consumer," which refers to a person or business that buys or consumes goods and services. To arrive at this answer, we can break down the options and understand their meanings:
1. Demand: While demand is closely related to consumption, it refers to the desire, willingness, and ability to buy goods or services. In other words, it reflects the consumer's perspective but does not directly imply the act of purchasing.
2. Consumer: This is the correct option. A consumer is an individual or a business entity that purchases goods or services for personal or organizational use, implying the actual act of buying and consuming.
3. Supply: "Supply" is the quantity of goods or services that is available in the market. It represents the perspective of producers or suppliers, rather than consumers.
4. Producer: A producer is the entity that creates or manufactures goods or supplies services to be sold in the market. They are responsible for the supply side of the market, contrasting with consumers who purchase and use the products.
In conclusion, while all the options are related to economic activities, the correct term for a person or business that purchases goods or services is a "Consumer."