Q. 165.0( 2 Votes )
How do we participate in the market as producers and consumers? Explain with three examples.[CBSE 2013]
We participate both as producers and consumers:
1. We produce goods and services in the market through our jobs. For example, a farmer is the producer of crops.
2. Consumers participate in the market when we buy anything. For example, a mother can buy chocolate for her kid and she becomes a consumer.
3. A person becomes both a consumer and a producer because everyone is interdependent in a society. For example, a farmer has to buy other things like fertilizers where he becomes a consumer although he is producer while growing crops.
Note: We participate in markets as a producer when we contribute our services or sell the goods produced by us. We participate as consumers when we buy anything from the market. It’s an ongoing cycle.
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