ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumers buy goods and services to satisfy their wants, and producers make goods and services. This video from the Explore Economics series for kids helps them understand that people are both consumers and producers.

Detailed explanation-2: -Producers sell their goods or services. Consumers are buyers. They buy the goods and services offered by producers. Consumers spend money to get the things they need or want.

Detailed explanation-3: -Any person, other than the buyer who buys the product or services, consumes the product by taking his/her permission is categorized as a consumer. In simple word, the end-user of the goods or services is termed as a consumer.

Detailed explanation-4: -Plants are called producers because they use energy from sunlight to make the food they need. (Produce means to make or create.) Animals are consumers. They cannot make their own food the way plants can.