1. Describe the role that workers play in the game of economics.
Workers play a vital role in the economics. The workers are the ones who make the products and provide the services sold by producers. Although, when workers make goods and services, they go about as producers. However, when they buy things, they go about as consumers. For instance, Workers are in the middle of being consumers and producers. These two parts can be played at the same time. For instance, when a cafeteria employee is conveyed to purchase bread, that worker is both a producer(somebody making food) and a consumer(somebody purchasing food).Therefore, workers play a double part. They are producers and in the meantime consumers.
2. Explain why the worker's role is unique.
The workers role is unique and they play important roles in economics. They can go about as consumers and producers at the same time. They can choose what to purchase or what to produce, and the amount of it to purchase or to produce. Workers are important to any business in light of the fact that they are the ones who can play the role of producer or consumer. In conclusion, nothing can be made without workers, therefore, they have a unique role in the economics.
3. Explain why it is important for producers to conduct market research.
It is important for producers to conduct market research because if producers are able to know and get an understanding of what consumers will buy, they will be able to know what products they can sell. Producers will know the wants and needs of
consumers by conducting market research and so they can make plenty of sales and allow their business to grow.
4. Give at least one example of a type of market research that producers conduct. Explain the kind of information this research provides.
An example of a type of market research that producers conduct is surveys or focus groups. Producers are able to test new ideas and products on small amounts of consumers, and with their feedback, they can produce products that consumers will buy.
5. Describe the meaning of utility in economics and explain why it is different from one consumer to another.
Utility is the amount of personal satisfaction consumers get from the goods and services they purchase. Utility levels differs from individual to individual. If you are satisfied then your utility is high. If you are not satisfied, then your utility is low. The idea of utility applies to each choice you make when purchasing products and services. It is a vital element to consider when taking a look at how consumers decide. Utility relies on upon your own tastes and liking. Since every persons utility is distinctive, different people will have different decisions and choices in the same circumstance. For example, on the off chance that you purchase books and end up truly enjoying it then. Your utility is high. Be that as it may, in the event that you end up not liking the books, then, your utility is low. This is the reason why utility is different from one consumer to another.
6. Why do economists try to measure and understand utility?
Customers purchase goods and services for only one reason which is to find satisfaction when they partake in the economy. Along these lines economists attempt to measure and comprehend utility since about every single economic choice include consumers looking for
7. List two characteristics of an oligopolistic industry.
One characteristic of an oligopolistic industry is that it is dominated by a small amount of large businesses. Another characteristic is that businesses sell products which are very similar to each other.
8. Why are so many familiar industries oligopolies?
So many familiar industries are oligopolies as it is difficult to break into many industries. Industries such as the automobile industry and the airline industry are oligopolies as these industries are dominated by a small amount of large companies and these companies offer very similar products, although some offer things that others do not.
9. Explain why circulation and ratings systems determine how much money different advertisements cost to run.
Different advertisements cost different amounts of money to run. Since the mass and news media make approximately 90% of their revenue from advertising. Most forms of media would not exist without advertising. If a media has more consumers, advertisers will pay more money. Most media sources are owned by very large companies, there are many media sources which people are able to choose from. The more famous and dominant they are in the media industry, the more successful the advertisements would be.