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A ______ is someone who creates and supplies goods or services. - Economic Applications

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Question

A ______ is someone who creates and supplies goods or services.

Options

  • producer

  • consumer

  • both producer and consumer

  • neither producer nor consumer

MCQ
Fill in the Blanks
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Solution

A producer is someone who creates and supplies goods or services.

Explanation:

A producer is someone who creates and supplies goods or services. Producers engage in the production process and make goods or services available in the market. On the other hand, consumers are those who purchase and use these goods and services. Hence, a producer is the person responsible for the creation and supply of goods or services, not a consumer.

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Chapter 2: Basic Economic Entities in an Economy - QUESTIONS [Page 22]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 2 Basic Economic Entities in an Economy
QUESTIONS | Q 4. | Page 22
J. P. Goel and Kaushal Goel Economic Applications [English] Class 9 ICSE
Chapter 2 Basic Economic Entities in an Economy
QUESTIONS | Q 4. | Page 27
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