Question

What is the difference between consumer and producer?

Answer 1

Heya!

Here is your answer.

Question:-> What is a product and who is a consumer?

Answer :-> A product is something which we buy. It may be a pen,washing machine, watch,books, utensils.etc. So in other words, we are "consuming" these products. That means, we are buying something and "consuming" it. Thayswhy we are known as "consumers".

Now, the question arrises, "How are we getting these products?"

Answer :-> Well, the "producer" is the person who produces or makes a product. There are three level of production, they are:

✨Wholesaler (producer)

✨Retailer

✨Consumer

A wholesaler ( producer ) produces a product and sells it to a retailer trying to consume a profit. Then, a retailer sells it to us, or the consumer and tries to consume some more profit.

Now, basically, what's the difference between two?

Answer :-> A producer creates something and a consumer uses that, paying the producer.

⭐Hope it's clear⭐

Answer 2

A: The consumer surplus is the difference between the highest price a consumer is willing to pay and the actual market price of the good. ... For producers, surplus can be thought of as profit, because producersusually don't want to produce at a loss. The two together create economic surplus...
Hope this is helpful to you..
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