ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -People who buy or use things are called consumers. People who make or sell things are called producers.

Detailed explanation-2: -A consumer is someone who buys or uses goods and services. A producer is someone that makes goods or provides a service for consumers.

Detailed explanation-3: -The farmers who grow our food, grow our food, grow our food, the farmers who grow our food, they are producers. The people who gobble it up, gobble it up, gobble it up, the people who gobble it up-they are consumers.

Detailed explanation-4: -Consumer goods are products that people buy to use in their everyday life. There are many broad categories for consumer goods, including durable goods (e.g., furniture), nondurable goods (e.g., groceries), and services (such as banking). Durable goods can last a long time and are not usually bought regularly.

Detailed explanation-5: -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.