Question

1) individuals who make and sell goods and services are __________. a) producers b) consumers 2) individuals who buy goods and services are _________. a) producers b) consumers 3) the idea that resources are _______ is called scarcity. a) limited b) unlimited

Answer 1

Producers make and sell goods and services, consumers buy goods and services, and scarcity refers to limited resources.

Step-by-step explanation:

1) The individuals who make and sell goods and services are producers. They are responsible for creating and bringing goods and services to the market. Examples of producers are farmers who grow crops, manufacturers who produce goods, and service providers who provide services like haircuts or plumbing.

2) The individuals who buy goods and services are consumers. They are the ones who use or consume the goods and services produced by the producers. Examples of consumers are individuals who purchase groceries, clothes, or go to a restaurant for a meal.

3) The idea that resources are limited is called scarcity. Scarcity means that there are not enough resources available to fulfill all the wants and needs of individuals or society. Due to scarcity, choices and trade-offs have to be made to allocate resources efficiently.