What do producers and consumers do in an economy?
producers + consumers --> makes economy work
Producers and Consumers in an Economy
What do you think is the most important role of producers and consumers in an economy?
- Producers create goods and services.
- Consumers purchase goods and services.
- Both create economic activity.
- Both help improve the standard of living.
What are some examples of PRODUCERS in the economy?
What are some examples of CONSUMERS in the economy?
Free Enterprise System: citizens participate in business activities of their choice Competition: multiple producers want consumers to buy their products Consumer Protection Laws: protect customers from unsafe products & unfair advertising
What are some examples of COMPETITION within the economy?
How do producers and consumers impact your everyday life?