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Producers are a very important part of an economic system. They are the ones who are responsible for manufacturing of goods and services. They also employ people who will manufacture these products. For example, General Motors is a manufacturer of cars. They hire a lot of people who manufacture cars for their company. There are also other people employed in this company who work in other departments of this organization.
Consumers are people who ultimately use products manufactured by producers. An individual or groups who consume these products are referred to as the consumers. These consumers have a very important role to play in both societies as well as the economy. It is these consumers who create demand for products and when this demand arises manufacturers start manufacturing these products.
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Scarcity and Surplus
People consume goods in order to satisfy their needs and wants. In order to satisfy their wants or needs it is important for consumers to make necessary choices. This is because every want or need cannot be satisfied.
There are times when demand for certain products exceeds the supply of those products. This is known as Scarcity. There are certain other times when production is much more than the demand for that product. This is known as surplus.
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Types of consumers
There are three types of consumers:
These are consumers who purchase goods for themselves and their families.
These are consumers who use goods on a seasonal basis. For example people use umbrellas during the rainy season.
These are consumers who do not consume goods for their personal use. They buy goods in order to manufacture new items which they will sell again in order to earn some good profits.
Types of producers
There are three types of producers
These are producers who only produce agricultural goods.
These are producers who produce goods for the various industrial units.
These are producers who provide services to both industrial as well as agricultural producers. For example agricultural producers need transport for their products and these transport providers are referred to as service producers.
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