What Goods And Services Should Be Produced In The Country? The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. How should a country determine what goods
For Whom Should Goods And Services Be Produced? The primary group for whom goods and services are produced in a traditional economy Who are goods produced for? They are goods, which are used for consumption. For example bread, fruits, milk, clothes etc. Producer goods are those goods, which satisfy the want of consumers indirectly. As
Which Describes The Economic Role Of A Consumer? Consumer: The consumer is the one who pays to consume the goods and services produced. As such, consumers play a vital role in the economic system of a nation. In the absence of their effective demand, the producers would lack a key motivation to produce, which is
Which Describes The Economic Role Of A Producer? Producers can figure out what consumers are willing to pay based on what they buy. In economics, who must make the goods and services that exist? In economics, workers are producers. … Knowing what consumers want helps producers make more money. Which describes the economic role of