Question

Name the three types of producers in economics and explain each one of them

Wrong answers Will be reported​

Answer 1

Answer❤

These primary producers mainly exploit (use) natural resources to produce goods. (ii) Industrial (Secondary) Producers: These producers mainly produce goods related to industry or manufacturing units. These producers are engaged in large-scale, small- scale and tiny scale industrial units.

Answer 2

Explanation:

Types (Kinds) of Producers:

Producers are of following types:

(i) Agricultural (Primary) Producers:

These producers mainly produce goods related to agriculture and its allied activities. They generally produce food crops, vegetables, fruits, flowers and forest products. Moreover, they also concentrate on fishing, animal husbandry, cattle rearing and other agro-based products like poultry farming, mushroom production etc. These primary producers mainly exploit (use) natural resources to produce goods.

(ii) Industrial (Secondary) Producers:

These producers mainly produce goods related to industry or manufacturing units. These producers are engaged in large-scale, small- scale and tiny scale industrial units. They produce various types of finished goods for several manufacturing units.

(iii) Service (Tertiary) Producers:

To produce both agricultural and industrial goods various types of services are required. These services include transport and communication services, banking and insurance services, storage services, etc. The producers who produce all these services are called service (tertiary) producers.