Question

Which of the following statement(s) is/are correct?

• A. Hitesh made a chair with the help of wooden logs that he got from a tree. Here the tree is the producer.
  
• B. Ranjeet uses the chair made by Hitesh. Ranjeet is a consumer.
  
• C. The economy plays a major role between a producer and a consumer.
  
• D. Economics determines how resources are distributed among members of a society.
  

Answer 1

Answer: (B), (C), (D)

The correct options are
B Ranjeet uses the chair made by Hitesh. Ranjeet is a consumer.

C The economy plays a major role between a producer and a consumer.

D Economics determines how resources are distributed among members of a society.


People who make things that you use are known as producers, that means Hitesh is the producer who used wood logs as a raw material to make the chair. The economy of a country is governed by the political and legal structures of the country. Economics determines how resources are distributed among the members of a society. They determine the value of goods or services, and they even determine what sorts of things can/cannot be traded.