(Redirected from ECPR) The European Consortium for Political Research (ECPR) is an independent scholarly association that supports and encourages the training, research and cross-national cooperation of many thousands of academics and graduate students specialising in political science and all its sub-disciplines.
Consumption, in economics, the use of goods and services by households. Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.
Production is the creation of goods and services by combining various elements in the production process. For example, the farmer grows a wheat crop by combining his labor with the land, seed, fertilizer, and machinery. Consumption is the destruction of goods and services to satisfy the wants and needs of people. A person who is hungry eats a meal, and the food ceases to exist as food. Goods are tangible outputs of the production process -- the good has a physical existence.