Producers & Consumers - "The Players" 2.01-2.03

Multiple Choice

Why is it important to understand the roles of producers and consumers in an economy?

• It helps us make better choices as buyers and sellers.

• It allows us to avoid paying taxes.

• It teaches us how to become rich quickly.

• It helps us ignore the effects of supply and demand.

Open Ended

Explain how producers and consumers interact in a market economy and the impact of their decisions on each other.

Fill in the Blanks

In economics, the people who buy goods and services are called

.

Multiple Choice

Who is considered a consumer in the context of economics?

• Someone who provides goods and services

• Someone who uses goods and/or services

• Someone who manages a business

• Someone who only produces goods

Multiple Choice

Which group of players uses the goods and services produced in the game of economics?

• Workers

• Economists

• Producers

• Consumers

Multiple Select

Which of the following are important roles that consumers play in the economy?

• Deciding what products and services to use and buy

• Deciding how much to buy

• Setting the price for all goods

• Deciding what to produce

Fill in the Blanks

Consumers let producers know what they want and the price they are willing to

.

Open Ended

Why is it important for producers to pay attention to consumers when making important decisions?

Multiple Choice

Which of the following activities best represents a person acting as both a consumer and a producer?

• A pharmacist orders medicine while helping a customer.

• A policeman buys a cup of coffee.

• Alex goes to the movies with his babysitting money.

• A reporter interviews a marathon runner.

Multiple Choice

In economics, businesses do all EXCEPT which of the following?

• Guide the economy

• Purchase resources

• Organize production

• Hire workers

Multiple Select

Which of the following are roles of businesses in the economy?

• Provide goods and services to consumers

• Hire labor and buy resources

• Guide the overall pace of the economy

• Create jobs when new businesses open

Open Ended

How does the government act as both a provider of public goods and a consumer in the economy?

Fill in the Blanks

The government helps maintain prices

in the economy.

Multiple Choice

Which of the following is an example of the government acting as a producer?

• The government buys materials to build a bridge

• The government opens a new college

• The government uses electricity to run its offices

• Congressmen shop for planes to transport them to Washington, D.C.

Multiple Select

Based on the answers provided, which activities are examples of the government acting as a consumer? Select all that apply.

• The government uses electricity to run its offices

• The government buys materials to build a bridge

• The government opens a new college

• Congressmen shop for planes to transport them to Washington, D.C.

Fill in the Blanks

Producers use

to anticipate consumer behavior and make decisions about products.

Multiple Choice

Which of the following factors can influence a producer's decision-making process?

• Market research

• Peer pressure

• Culture

• All of the above