Question

how do we participate in market as Producers and Consumers explain

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.