What is the term for spending to acquire consumer goods and services or using up those goods to satisfy wants?

The term that describes spending to acquire consumer goods and services or using those goods to satisfy wants is consumption. This concept encompasses all activities related to the purchase and use of goods and services that individuals or households engage in to meet their needs and desires. Consumption is a fundamental aspect of economic activity, as it drives demand in the economy and is a key factor in determining the overall level of economic growth.

In contrast, investing refers to the allocation of resources, typically money, into assets like stocks, bonds, or real estate with the expectation of generating future returns. Saving involves setting aside a portion of current income for future use, rather than spending it immediately. Production, on the other hand, is the process of creating goods and services, which is distinct from the act of consuming them. Each of these terms outlines different facets of economic behavior, but consumption specifically focuses on the immediate use of purchased goods and services to fulfill wants.