ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consumers
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producers
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goods
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services
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Detailed explanation-1: -Answer: 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: -Answer and Explanation: People who produce goods and services in a specific economy are collectively known as producers because they collect input resources and transform the raw material into final output in terms of goods and services.
Detailed explanation-3: -The different types of producers include: Executive producer. Associate producer. Producer.
Detailed explanation-4: -People who make or sell things are called producers. Producers sell goods they grow or make. Farmers are producers when they sell the fruits and vegetables they grow. A toy company is a producer when it sells the toys it makes.
Detailed explanation-5: -A market producer is an establishment or enterprise whose output is most or all marketed. It is perfectly possible for market producers, both small unincorporated enterprises and large corporations, to have some non-market output in the form of production for own final consumption or gross fixed capital formation.