Explanation: Consumers are the ones or the ‘group of players’ that uses the services and goods that are produced in the ‘game of economics’. A consumer buys services or goods with money to use it for its own purpose, not for selling or for any commercial purpose.
Who produce goods and services in the economy?
In a command economy, the government controls major aspects of economic production. The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.
Which most strongly drives producers in a free market?
Answer Expert Verified. Explanation: Producers are influenced by the benefits and profits they hope to pick up from the products or administrations in a free market economy.
Which group of players provides all goods and services?
producers provides all goods and services in the game of economics.
Who was involved in the production of goods and services?
This emphasis on material production was adapted by David Ricardo, Thomas Robert Malthus and John Stuart Mill, and influenced later Marxian economics. Other, mainly Italian, 18th-century economists maintained that all desired goods and services were productive.
How is game theory used in business and economics?
It is called game theory since the theory tries to understand the strategic actions of two or more “players” in a given situation containing set rules and outcomes. While used in a number of disciplines, game theory is most notably used as a tool within the study of business and economics.
How are goods and services underpins economic activity?
Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods…
Which is true of the consumption of goods and services?
According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of producing other goods and services (see: Distribution: Channels and intermediaries ).
