Question

describe the role played by the producers in a economic system and give two examples of someone being a producer

Answer 1

Producers are the privately owned firms and the government who lay the groundwork for an economic growth. A couple examples of a producer is Steve Jobs with his Apple Inc. business or the U.S. army.

Answer 2

Producers are all the individuals and businesses that produce goods and services in an economy. Individuals are producers because they produce and sell their labor to businesses. At the same time they consume the products and services produced by businesses.

For example, John is a producer because he works at a local AT&T store (John sells his services to AT&T), and AT&T produces communication services that Olivia purchases.