The economy consists of producers, who make and sell goods and services, and consumers, who buy the goods and services.
Producers rely on consumers to buy from them, and consumers rely on producers to provide the goods and services they want.
Money allows this relationship to work.
They interact with each other.
A producer is someone who creates and supplies goods and services while a consumer is a person who buys a product or service . Producers rely on consumers to buy their goods ans serviceswhile consumers rely on producers to provide goods and services they want.producers therefore have to ineract with consumer and maintain good relationship with each other because they are depend on each other for existence.
consumption often takes place within group settings or is in one way or another affected by group dynamics.
Sociology is the study of human behaviour, as an aspect related to - patterns of social relationships, social interactions, culture etc surrounding.
Consumer Behaviour is the study of how consumers choose to buy & consume a product.
So, sociology is relevant to consumer behaviour as :
Consumption often takes place within group settings or is in one way or another affected by group dynamics.
because one consumer could eat another consumer as in if a lion eats a gazelle they are both consumers hope this helped!
In the world of market, there is a huge interdependence and relation between the consumers, advertising, media companies which play a huge role in increasing the sale of the goods and affect the demand and sale of the goods in the market.
Media is a way which could be used to communicate the ideas and thoughts of one person or company, organisation to the other person or a group of people.
In the market segment, media plays a huge role to influence the demand and supply of the goods which are advertised with the media companies. The employees working in these companies work hard to make advertisements to promote the goods and services and make people demand these goods.
the consumers create demand for goods and services when prices are high consumers buy less. when prices are lower consumers buy more. producers make and sell what the consumers want.
hope this helps :)
The relationship between consumer expectations and economic performance can be explained easily.The expectations of changes in income can lead to a reduction in confidence and as a result there is a fall in spending of income. An improvement in consumer expectations about the health of the economy will increase confidence and planned spending.Similarly, If a consumer believes that the price of the good will be higher in the future he is more likely to purchase the good now.
This is an example of derived demand. Derived demand is the rise in demand of a good or service as a result of the increase demand of another product.
In this case, since bikes are more in demand, producers will need more raw materials to make more bikes.