Question

how do consumers and producers participate in the market place

Answer 1

We participate in the market as producers and consumer. This can be examplified in following manner

(i) As a producer of goods and services we could be working in different sector of economy like agriculture, industry or services.

(ii) As a consumer we participate in the market when we purchase goods and services that we need.

(iii) For example, if we cultivate crops or manufacture cars or run a school we act as producer but when we purchase food grain from market, or buy car or went to a doctor as patient then we act as consumer.

Answer 2

producers sell off their products in markets for consumers use.

Their main Aim was to gain profits from the consumers.

Consumers buy off products produced by the producers from markets and other super markets.