ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A producer is someone who creates and supplies goods or services. Producers combine labor and capital-called factor inputs-to create-that is, to output-something else. Business firms are the main examples of producers and are usually what economists have in mind when talking about producers.

Detailed explanation-2: -Resources are combined to produce goods and services. Land and natural resources provide the needed raw materials. Labor transforms raw materials into goods and services. Capital (equipment, buildings, vehicles, cash, and so forth) are needed for the production process.

Detailed explanation-3: -Intermediate goods are products that are used in the production process to make other goods, which are ultimately sold to consumers. The intermediate goods are sold industry-to-industry for resale or to produce other products.

Detailed explanation-4: -Globalization, Cultural Cultural globalization is commonly understood to denote the expanded movement of goods, technology, images, ideas, and people around the world that has been made possible by processes of economic globalization since the 1970s.