Producers & Consumers
Who is a producer?
Someone who makes or sells goods and services.
What is entrepreneurship?
Starting and running a business.
What does ‘economic trend’ mean?
A pattern or change in the economy over time.
What is a consumer right?
A protection that helps consumers get fair treatment.
Which famous entrepreneur started Microsoft?
Bill Gates
Who is a consumer?
A person who buys and uses goods or services.
Name one characteristic of a successful entrepreneur.
Risk-taking, creativity, hard work, or determination.
Give an example of a positive economic trend.
Increasing employment or rising consumer spending.
Name one consumer right.
Right to safety, right to be informed, right to choose, or right to be heard.
What do you call money earned from selling goods or services before expenses are paid?
Revenue
Give one example of a producer and a consumer.
Producer: Farmer, factory; Consumer: Shopper, customer.
What is a business plan?
A detailed plan showing how a business will succeed.
What might happen during a recession?
Businesses may sell less, and more people could lose jobs.
What is a consumer responsibility?
Something consumers should do, like checking products before buying.
Which country is known as the largest economy in the world?
United States
Why do producers need consumers?
Because without consumers buying their goods or services, producers can’t make money.
Why is innovation important for business success?
It helps businesses create new products and stay ahead of competitors.
How can technology influence economic trends?
It can create new industries and change the way people work.
Why is it important to keep receipts?
To prove purchase if you need to return or exchange a product.
Which company is known for its swoosh logo?
Nike
What is the relationship between supply and demand?
Supply is how much producers make; demand is how much consumers want.
How does a good entrepreneur handle failure?
They learn from it and try again.
Why do businesses need to pay attention to economic trends?
To make smart decisions about what to sell and when.
What should a consumer do if a product is faulty?
Contact the seller for a refund, repair, or replacement.
Who invented the light bulb, an important invention for business and industry?
Thomas Edison