Question

When you begin working, you will most likely be both a _____ and a _____ in a market economy.

producer, consumer
single seller, competitor
central authority, consumer

Answer 1

The answer is A)Producer,Consumer

Answer 2

The correct answer is: "producer, consumer".

An individual, as economic agent, can have two different roles in the markets.

• Producer, or more spefically, owner of the factors of production (land, labor, capital and enterpeneurship). Individuals own the factors and supply them in the markets in exchange for a retribution.
• Consumer. Individuals demand products and services in the markets in order to satisfy their needs and desires, and are willing to pay certain prices for them (they can afford such prices because they earn income from their factors of production).