2.02 Consumers and Producers – Flashcards
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In the game of economics, which player has the role of providing goods and services?
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producers
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Which best describes how consumers let producers know what they want to buy and how much they're willing to pay?
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The purchases consumers make indicate their desires to producers.
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In the game of economics, who gives producers the information they need to determine how much people are willing to pay for a good or service?
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consumers
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In economics, which two roles do workers play?
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consumers and producers
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In economics, which is the major role of business?
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organize production
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Which describes the economic role of a consumer?
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buys goods and services
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Which are useful for conducting market research?
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focus groups
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Which consumer purchase is the result of cultural influences?
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a turkey for Thanksgiving dinner
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Which best describes the purpose of market research?
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helping producers make more money
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Which does not influence consumers' decisions?
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GDP
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In the game of economics, every person alive plays the role of which of the following?
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consumer
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Which do producers pay attention to in order to know what people want to buy and how much they're willing to pay?
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consumers' purchases
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In economics, which provides the goods and services available to consumers?
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producers
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In economics, workers are producers. Which other role do they play?
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consumers
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Which is necessary for hiring workers and organizing production?
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businesses
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Which describes the economic role of a producer?
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provides goods and services
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Which helps producers figure out what consumers want?
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market research
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Which consumer purchase is the result of environmental influences?
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a renewable product in order to save trees
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Which best describes the incentive for producers to conduct market research?
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desire to know what consumers want
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Which can intensify peer pressure?
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trends
