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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 production quite differently. According to 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 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).citation needed

Likewise consumption can be measured by a variety of different metrics such as energy in energy economics . The total consumer spending in an economy is generally calculated using the consumption function a metric devised by 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. Consumption also decreases demandcitation needed See also Anthropological theories of value Classification of Individual Consumption by Purpose (COICOP) Consumer theory Consumerism Geoffrey Miller (evolutionary psychologist) List of largest consumer markets Miser Over-consumption Paradox of thrift Poverty Wealth Notes This article includes a list of references related reading or external links but its sources remain unclear because it lacks inline citations. Please improve this article by introducing more precise citations where appropriate. (March 2008) References Bourdieu Pierre (1984). Distinction: A Social Critique of the Judgement of Taste (paperback). Cambridge: Harvard University Press. ISBN 0-674-21277-0.  Also:. Lincoln: London. 1984. ISBN 0-415-04546-0.  Miller Daniel (1998). A Theory of Shopping (paperback). Ithaca N.Y: Cornell University Press. ISBN 0-8014-8551-7.  Slater Don (1997). Consumer Culture and Modernity. Cambridge UK: Polity Press. ISBN 0-7456-0304-1.  Friedman Jonathan. Consumption and Identity (Studies in Anthropology & History). Washington DC: Taylor & Francis. ISBN 3-7186-5592-6.  Mackay Hugh (Editor) (1997). Consumption and Everyday Life (Culture Media and Identities series) (Paperback). Thousand Oaks Calif: Sage Publications. ISBN 0-7619-5438-4.  Isherwood Baron C.; Douglas Mary (1996). The World of Goods: Towards an Anthropology of Consumption (Paperback). New York: Routledge. ISBN 0-415-13047-6.  Deaton Angus (1992). Understanding Consumption. Oxford University Press. ISBN 0-19-828824-7.  v d eConsumption Topics

Consumption function  Final consumption expenditure  Instant gratification  Intertemporal consumption  Random walk hypothesis  Autonomous consumption  Induced consumption Theories Absolute income hypothesis  Life cycle hypothesis  Permanent income hypothesis  Random walk model of consumption  Relative income hypothesis Lists List of largest consumer markets