Answered

1. Classify each of the following goods as either producer or consumer.

| Good | Classification |
|-----------------|------------------|
| a) Factory | Producer |
| b) Private car | Consumer |
| c) Iron ore | Producer |
| d) Tools | Producer |
| e) Exercise books | Consumer |
| f) Clothing | Consumer |



Answer :

GinnyAnswer

Final answer:

Producer goods are used in production, while consumer goods are for direct consumption.


Explanation:

Producer goods are items used in production to create consumers' goods or other producer goods. Examples include raw materials, tools, and factories. On the other hand, consumers' goods are products consumed directly by individuals for daily living, such as food and clothing.

When classifying the goods mentioned:

  1. a) Factory - Producer
  2. b) Private car - Consumer
  3. c) Iron ore - Producer
  4. d) Tools - Producer
  5. e) Exercise books - Consumer
  6. f) Clothing - Consumer

Learn more about Classification of goods in Economics here:

https://brainly.com/question/42994919