Understanding Consumers and Producers

Which of the following is an example of a service?

• A book

• A haircut

• A bicycle

• A sandwich

What is the role of a consumer in the market?

• To produce goods

• To buy goods and services

• To sell goods

• To provide raw materials

Which of the following is an example of a good?

• A concert

• A car

• A dance class

• A doctor's appointment

What does a producer do in the market?

• Buys goods and services

• Sells goods and services

• Consumes goods

• Provides entertainment

Which of the following is an example of buying?

• Making a cake

• Watching a movie

• Purchasing a toy

• Teaching a class

Which of the following is an example of selling?

• Eating a meal

• Offering a car for sale

• Reading a book

• Listening to music

What is the main difference between goods and services?

• Goods are tangible, services are intangible

• Goods are always cheaper than services

• Services are always faster than goods

• Goods are only for adults

Which of the following is a role of a consumer?

• To create new products

• To use goods and services

• To provide services

• To manufacture goods

Which of the following is an example of a service industry?

• Car manufacturing

• Banking

• Farming

• Mining

What is the main activity of a producer?

• Consuming goods

• Buying services

• Creating and selling goods

• Watching television