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: -Human Resources (labor) The quantity and quality of human effort directed toward producing goods and services (also called labor).

Detailed explanation-3: -Autotrophs are also known as producers.

Detailed explanation-4: -Producers are companies that purchase goods and services that they transform into other products. They include both manufacturers and service providers. Resellers are companies that sell goods and services produced by other firms without materially changing them. They include wholesalers, brokers, and retailers.

Detailed explanation-5: -Most people are both producers and consumers. Producers create or provide a certain good (product) or service. Producers can be individuals or companies. Companies that produce a particular kind of good or service are grouped together in what is known as an industry.