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What is the relationship between producers and consumers in economics?
Producers make the goods and consumers buy and use the goods.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
The ways in which people make distribute and use their goods and services is called the?
Economy
Producers can use a production possibilities frontier for what purposes?
A production possibilities frontier, or PPF, is a curve graph which shows combinations of two or more goods or services. The graph shows these goods or services being produced while using a maximum amount of resources.
What is the exchange of goods and services without the use of money?
That is the economic practice of "bartering". Trading goods or services you have for the goods or services someone else has.
What is the relationship between producers and consumers in economics?
Producers make the goods and consumers buy and use the goods.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
The ways in which people make distribute and use their goods and services is called the?
Economy
Producers can use a production possibilities frontier for what purposes?
A production possibilities frontier, or PPF, is a curve graph which shows combinations of two or more goods or services. The graph shows these goods or services being produced while using a maximum amount of resources.
How are producers and consumers difference?
They differ in function. Consumers use. Producers make available, the goods and services that consumers use. An example would be a family, sitting at dinner: using electricity for light, produced by the electric company; eating food, produced by farmers; using plates, produced by a ceramicist; using utensils, produced by a foundry; at a table, produced by a furniture maker. Consumers use what producers make. All zoological and botanical entities (including people) are consumers. These same entities are also producers.
What services are offered by FreeBay?
The services offered by Free Bay are for people who have goods or excess goods they don't need or use anymore. They have also introduced the Swop Shop page where a person can trade goods for goods, goods for services, services for goods, and services for services.
What is the exchange of goods and services without the use of money?
That is the economic practice of "bartering". Trading goods or services you have for the goods or services someone else has.
How do people use currency to provide for goods and services?
People use currency to provide goods and services by spending and buying
What three questions define the economy of a society?
what goods and services should be produced? How should goods and services be produced? who should get and use the goods and services?
People who use resources to make goods andor provide services are called?
entreprenuer
People consume particular goods or use particular services because the goods or services have?
utility
In the circular flow of goods and services what does the government use money payment to provide?
Goods and services
