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Producers and Consumers
Updated: 10/17/2020
Producers and Consumers
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Storyboard Description

Learn about Producers and Consumers here. have fun!!!

Storyboard Text

  • Intro
  • well here you go
  • have you ever wanted to learn about producers and consumers.
  • _______________________
  • Types of Consumers
  • a person who purchases goods and services for personal use.An individual who buys products or services for personal use and not for manufacture or resale. A consumer is someone who can make the decision whether or not to purchase an item at the store, and someone who can be influenced by marketing and advertisements. Any time someone goes to a store and purchases a toy, shirt, beverage, or anything else, they are making that decision as a consumer.Consumer refers to any person who purchases some goods for a consideration that has been either paid or promised to pay or partly paid and partly promised, or found under any system of deferred payment and does include any user of this type of goods other than the person who purchases these types of goods.
  • Types of Producers
  • A producer is someone who creates and supplies goods or services. Producers combine labor and capital—called factor inputs—to create—that is, to output—something else. Business firms are the main examples of producers and are usually what economists have in mind when talking about producers. However, governments are producers of some kinds of services—such as police services, defense, public schools, and mail delivery—and sometimes goods, such as when a government owns the oil fields and oil production (for example, OPEC). Households and individuals are producers of non-market goods and services such as cleaning, child-rearing, cooked food, etc. Entrepreneurs, by contrast, are idea-creators. They often also start off their ideas as producers.
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