ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A person, company or country that makes goods and services for sale.
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A person who purchases (buys) goods and services.
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A person who enjoys having a variety of goods from which s/he buys.
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It is the exchange of goods and services between countries
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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: -Humans are classified as consumers. Consumers are organisms that feed on living organisms from the food chain. Consumers can be herbivores, carnivores, omnivores, or decomposers.
Detailed explanation-4: -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.
Detailed explanation-5: -People buy and sell goods and services every day. People who buy or use things are called consumers. People who make or sell things are called producers.