The household is "the basic residential unit in which economic production, consumption, inheritance, child rearing, and shelter are organized and carried out"; [the household] "may or may not be synonymous with family"....
s that use goods generated within the economy
An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...
. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary.
The "consumer" is the one who consumes the goods and services produced. As such, consumers plays a vital role in the economic system of a nation because in the absence of the effective demand that emanates from them, the economy virtually collapses.