Consumption means obtaining goods and services and is linked to the will and the ability to obtain them.
When you see the word consumption, you may think about what you buy in the store, but it’s much broader than that. Consumption covers rent, transportation, food, cellphones, magazine and online subscriptions, vehicle repair services and much, much more. In other words, consumption includes all goods and services.
Goods are objects, also referred to as products, which have an economic value and are used to fulfill a need or a want.
Many types of goods exist, like cars or even tomatoes. Goods can also include electronic devices or jeans.
A service is an activity, like a haircut or a massage, that is performed to fulfill a need or want in exchange for payment.
Examples of services can be very diverse: a haircut at a hair salon, roof repair done by a team of workers or a dental cleaning at the dentist.
How are prices determined? What is a consumption tax and how is it applied? The concept sheets on Pricing and Goods and Services Taxes contain relevant information on these topics.
How are consumers influenced? How is advertising structured? Knowing what influences you as a consumer will help you make the best decisions. Check out these two concept sheets:
As a consumer, you are protected by a set of laws that defend your rights and provide you with recourse if you encounter problems. You also have responsibilities as a consumer. Merchants also have rights and responsibilities defined by law. The following concept sheets outline the main things you need to know about these rights and responsibilities:
Collectif, Mes dossiers. Manuel de l’élève, p. 4
Collectif, Finances en jeu. Manuel de l’élève, p. 8-9