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What is an individual consumer?
individual consumer is an individual and household who buy goods and services for their personal use
Which market or markets are consumer goods and services bought into?
Goods or services bought by a consumer are bought in the consumer market. The consumer market includes fast moving consumer goods, consumer durables, soft goods and services.
What are Wants called?
Wants are often described as goods, ideas, and services that fulfill the needs of an individual consumer
Match the role with the actions taken by players in that role.?
consumer- Purchasing goods and services producers-Providing goods and services worker-Making goods and services
What are the four classification of consumer Goods and services?
There are four classifications of consumer goods and services. These include convenience, shopping, unsought products, as well as specialty services.
What are the three economic systems?
1. What goods and services should be produced? (goverment,producer, consumer) 2. How should these goods and services be produced? (goverment, producer, consumer) 3. For whom should the goods and services be produced?(goverment, producer, consumer)
What is Consumer prices?
Consumer Price Index (CPI) is an index of the changes in the cost of goods and services to a typical consumer, based on the costs of the same goods and services at a base period.
What are the characteristics of services compared with goods?
Goods are a tangible item where services are not tangible that provide a value to a consumer.
What is the consumer for the economic system?
Both buys goods for consumption and uses goods and services.
What is an example of a consumer when talking about business?
A shopper because they buy goods. A consumer is a person who buys goods or services.
What does a producer depend on a consumer for?
Producers make goods/services and depend on the consumer to buy them so they can make money and continue making more goods/services.
What is the advantage of a consumer right to choose from an adequate variety of goods and services?
It ensures a competitive market and allows for individual differences among comsumers
