GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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producers that provide goods and services to satisfy the needs and wants of households
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consumers that are working in the business sector to earn money
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consumers that purchase goods and services for the business sector
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producers that provide goods and services to consumers in order to make a profit
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Detailed explanation-1: -A sector is an area of the economy in which businesses share the same or related business activity, product, or service. Sectors represent a large grouping of companies with similar business activities, such as the extraction of natural resources and agriculture.
Detailed explanation-2: -Household sector. This sector is made up of individuals in the economy. • They provide their time and skills or ‘labour’ to firms in exchange for income (wages). •
Detailed explanation-3: -Producers are people who make or grow goods and provide services. Sometimes they are called workers, and they help us do things.
Detailed explanation-4: -This want-satisfying quality in a good is called Utility. Hence utility means the power to satisfy a human want.