Individuals play what role in the economy?

Question:

Individuals play what role in the economy?

Economic Actors:

In a market economy, virtually every exchange can be broken down into a relationship between producers and consumers. By contrast, in a planned economy, the whims of the consumers mean little, because the state itself determines the output of producers, rendering supply and demand null.

Answer and Explanation:

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In general, individuals play the role of consumers within the economy. While many businesses exist to provide goods and services to other businesses,...

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Effects of Prices on Producers and Consumers

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Chapter 20 / Lesson 4
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The effects of prices on consumers and producers can be explained using the law of demand and the law of supply. Learn more about the nature of pricing and the response of consumers and producers to changes in prices.


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