Which of the following refers to individuals who purchase goods and services?

The term that refers to individuals who purchase goods and services is "consumers." Consumers are the end-users who buy products for their personal use, including anything from groceries to electronics. This concept is fundamental to understanding market dynamics, as consumer behavior influences production, marketing strategies, and overall economic trends.

In contrast, entrepreneurs are those who take on the risks of starting and running businesses, while competitors refer to other businesses or entities that offer similar products or services in the market. Investors are individuals or entities that provide capital to businesses, often expecting a return on their investment. Each of these roles plays a significant part in the economy, but when it comes to purchasing goods and services directly, consumers are the primary focus.