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Subdecks (1)
factors of production
eco
11 cards
Cards (18)
Consumers
The people that buy
goods
and services and
consume
them directly
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Producers
The people that
make
or produce goods and services, including
farmers
, manufacturers, and retailers
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Government
Elected by the people, with the power to make and
enforce
rules about how the
country
is run
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Consumers and producers
Consumers buy the goods and services that
producers
create, and producers offer work to consumers for
wages
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Government and producers
The
government
may be a customer of producers, sets rules like product standards and safe working conditions, sets
tax rates
, and may subsidize certain industries
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Government and consumers
The
government
taxes consumers and uses the tax revenue to provide public services and
welfare
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All the different groups within the economy are highly
interrelated
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See all 18 cards
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