ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Producers are people who make or grow goods and provide services. Sometimes they are called workers, and they help us do things. For example, a florist is a producer who makes pretty bouquets. A baker is a producer who cooks up yummy cakes, and a painter is a producer who creates artwork for us to admire.

Detailed explanation-2: -Humans are classified as consumers. Consumers are organisms that feed on living organisms from the food chain. Consumers can be herbivores, carnivores, omnivores, or decomposers.

Detailed explanation-3: -For example machinery, tools, raw materials, seeds, manure and tractor etc are all example of producer goods. Raw materials, power, fuels etc. used by the producers for further production of final goods and services are also called intermediate goods.

Detailed explanation-4: -Examples of a consumer A consumer is any person or group who is the final user of a product or service. Here are some examples: A person who pays a hairdresser to cut and style their hair. A company that buys a printer for company use.