Question

Explain how consumer and producers are both “buyers” and “sellers” in the market place? (5 Marks)

Answer 1

Answer:

consumer is a buyer and producer is a seller

because the producer produce goods to consumers and they buy from them

Answer 2

Answer:

Market

By WILL KENTON Reviewed by MICHAEL J BOYLE Updated Apr 20, 2021

What Is a Market?

A market is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. The market may be physical like a retail outlet, where people meet face-to-face, or virtual like an online market, where there is no direct physical contact between buyers and sellers.

KEY TAKEAWAYS

A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.

Markets can be physical like a retail outlet, or virtual like an e-retailer. Other examples include the black market, auction markets, and financial markets.

Markets establish the prices of goods and services that are determined by supply and demand.