Consumers and Producers in the Market

A ______ refers to the organised exchange of goods, services or resources between buyers and sellers.

• market

• library

• workshop

• gallery

A ______ economy is the system that coordinates the production and distribution of goods and services using markets.

• market

• planned

• mixed

• traditional

Who are the buyers?

• Individuals

• Companies

• Governments

• Non-profit organizations

Who are the sellers?

• Individuals

• Companies

• Both individuals and companies

• None of the above

The quantity of goods and services exchanged in the market is determined by:

• Government regulations

• Market demand and supply

• Producer preferences

• Consumer income levels

What is a consumer?

• A person or group that is the final user of goods and services produced in an economy.

• A person who produces goods and services.

• A person who sells goods and services.

• A person who manages a business.

Consumers have ______ needs and wants.

• unlimited

• limited

• occasional

• predictable

How do consumers satisfy their needs and wants?

• By producing goods and services.

• By buying goods and services.

• By selling goods and services.

• By managing goods and services.

What are producers?

• Individuals and businesses involved in the production of goods and services.

• Only individuals involved in the production of goods.

• Only businesses involved in the production of services.

• None of the above.

Producers aim to _______ the quantity of products produced and distributed.

• maximise

• minimise

• equalize

• reduce