Which term describes a person who purchases goods and services for personal use?

• A. Producer
• B. Economist
• C. Scarcity
• D. Consumer

Answer: (D)

In economics, the term describes a person who buys goods and services for their own use: a consumer. A consumer purchases items to satisfy personal needs and desires, not to produce or sell something. This distinguishes them from a producer, who creates goods or provides services; from an economist, who studies how people allocate resources and make choices; and from scarcity, which is the condition of having limited resources relative to wants. For example, buying groceries for your home is acting as a consumer, while a baker who makes bread is a producer, and someone who analyzes market trends is an economist.