A consumer is an individual or entity that purchases and uses goods or services to satisfy their needs or wants. Consumers are at the end of the supply chain and are responsible for the demand of goods or services in the market. They do not actively create or produce these goods or services themselves.
On the other hand, a producer is a person, company, or organization that creates, manufactures, or supplies goods or services to meet the demand of consumers. Producers are involved in the entire production process, which includes obtaining raw materials, manufacturing or assembling products, and delivering them to the market. They play a significant role in the supply chain and are responsible for fulfilling the needs and wants of consumers.
What is the difference between a consumer and a producer?
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