ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Producers
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consumers
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Either A or B
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None of the above
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Detailed explanation-1: -A consumer is a person who purchases and uses goods and services by paying or agreeing to pay a price for them. A consumer is one who is the decision maker whether or not to buy an item at the store, or someone who is influenced by advertisement and marketing.
Detailed explanation-2: -A customer is an individual or business that purchases another company’s goods or services.
Detailed explanation-3: -A customer is a person who buys either a good or a service. Customer is more common than shopper, and it is used more in business contexts than shopper is.
Detailed explanation-4: -Buyers are triggered mainly by seven underlying factors when purchasing a new product. Our motives include both necessity and convenience along with security, FOMO, identity and belonging, price, peer recommendations, obligation, fear, price, and happiness.