ECONOMICS (CBSE/UGC NET)

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: -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-3: -Producers are also known as autotrophs. The most well-known producer in biology is a plant. Plants get energy from the sun and make their own food in a process called photosynthesis.

Detailed explanation-4: -Producers are people who make or grow goods and provide services. Sometimes they are called workers, and they help us do things. For example, a florist is a producer who makes pretty bouquets.

Detailed explanation-5: -The people who do the selling and buying are producers and consumers. Producers create, or produce, goods and provide services, and consumers buy those goods and services with money. Most people are both producers and consumers. Producers create or provide a certain good (product) or service.