ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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producer
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need
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want
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consumer
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Detailed explanation-1: -Definition: 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: -PRODUCER is a person who produces goods and services.
Detailed explanation-3: -Producer services providers are firms that sell services primarily to the business community rather than to individuals and households. Accounting firms, consultants, and computer design services are prominent examples of producer services businesses.
Detailed explanation-4: -The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
Detailed explanation-5: -Producers are of following types: (i) Agricultural (Primary) Producers: (ii) Industrial (Secondary) Producers: (iii) Service (Tertiary) Producers: There are several important roles a producer has to play. Following are some examples: (i) Supply of Different Goods and Services: More items