Analyzing consumption trends between consumption theories Essay

Analyzing consumption trends between consumption theories - Essay ExampleIt can be stated as a matter of fact that these ii theories, relative to the concept of consumer consumption, was introduced at a wide difference of nearly four decades and certainly focuses on distinct assumptions which often tends to contradict each others find out point. As in the case of Veblen approach, consumers are termed to have no such influence on the hurt of the commodity whereas, in the neo-classical possibility, customers are considered as iodin of the major catalysts to influence the commodity price (Himmelweit & et. al., 2001).The concept of consumer consumption is often demonstrated as the pattern of expenditure made by the consumers in diversify of a particular commodity. It is further stated by economists that consumer consumption or the decision taken by the consumers to buy a commodity depends on the price of the product or the services rendered, their requirement or individual preferenc es, the availability of the product and quality of the commodity served among others. Thus, it may vary according to the changes occurring in telling to any of these variables (Lee & et. al., 2009 Himmelweit & et. al., 2001).However, as mentioned in the theory of consumer sovereignty by the neo-classical approach, individual preferences, amid the other factors tend to be one of the strongest influencing factors of consumer consumption. This theory further depicts that these preferences are endogenic in nature and thus tends to be highly influenced by the external factors such as choices favored by the society (King & et. al., 2006 OHara & Stagl, 2002). Based on these assumptions, according to the consumer consumption behavior demonstrated by neo-classical theory, the buyers are termed to be one of the major drivers of price change that subsequently leads to change in quantity. The theory further assumes that price and demand for a particular commodity is conversely related which de picts the equilibrium to be as