Distinguish the roles of the four economic actors in economi

Distinguish the roles of the four economic actors in economics

Solution

Following are the four economic actors:

Consumer: Consumer buys the goods and service. He seeks to maximizes his utility. Consumer is regarded as rational consumer.

Worker: Worker is most important human resource. worker provides the important service in the form of labor.

Firm: firm seeks to maximizes its own profit. Like Microsoft tries to sell more software to earn more profits.

Government. Govt aims to maximize the welfare of its citizens.