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Last week some motorists in Perth queued up for more than two hours to receive discounted petrol. Puma petrol were selling petrol more than 40% cheaper than the average price of petrol. 
2. Using your understanding of the economic problem and opportunity cost, explain why many economists would question their decision.    

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All economic activity is directed

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Consumers are king in the Australian economy by influencing what producers produce and how much they produce and what price they sell it for. Consumers have changing tastes and preferences so when Mc Donalds switched to a healthier menu they were hoping for the “king” to accept because the “king” was more aware about his heath and therefore the demand would go up and price and desire. (This is an updated one)

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Consumers are King because they are what keeps the business alive, for example if consumers stop buying a particular good or service, producers will do everything they can to make a consumer buy their product, like lowering the price. Consumers decide what producers do with their products using their changing tastes and preferences. Producers try to keep up with the trends and new changing preferences, but it’s hard since all consumers all don’t like the same things and producers might not have enough This causes the economic problem, the economic problem, also known as relative scarcity is where producer do not have enough resources to satisfy consumers daily needs and wants.

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Consumers are the kings of Australia’s economy because they have preferences of products that producers make and whatever they want to happen to this business, The producers usually are influenced by consumers to change their price and get a profit, For an example if a consumer likes the firms products they are willing to come back and buy their products which leads to more demands from consumers that like their product and eventually the firms will have to change their price, That is why consumers are king.

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Consumers are king in Australian economy, because they influence how much producers produce, what they produce, and the price the they set their goods and services. Consumers and Producers are interdependent on each other. Consumers depend that the producers are going to produce what they need and want, and producers depend that the consumer will influence what they produce, how much they produce, and how high or low the price is. Consumers have different tastes and preferences, so they don’t all like the same things. Producers need to know what these new taste and preferences are, and if the consumers will be willing and able to buy their item at a particular time and price, so they can sell them for their consumers, otherwise the consumers might choose to buy somewhere else.

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Consumers are considered king in the Australian economy because producers rely on consumers to purchase their goods and services. What gets produced is determined by consumers wants, tastes, and preferences. They also determine what price is set, how much gets produced, etc. For example, business chains such as McDonalds have recently started adjusting their menu options. They have started making a ‘healthier’ menu, to try and keep the health-conscious consumers loyal to them by making them feel as if the food they are eating is healthy.

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CW

Consumers are king in the Australian economy because consumers influence what they like and therefore producers have to change their trend in products so people will buy from their shop.

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Consumer is king in the Australian economy because they influence the producers on what they produce,  the price of the good or service and the supply of the good or service. Producers act on the changing preferences and tastes of consumers and try to change their product to the trends going on right now. The price changes because consumers are not always willing to pay a high price so producers need to change it to a reasonable price to make a profit. Finally producers have to be aware of how much of the product they make, if the demand was too high or low, they will end up having a shortage or surplus. For example, McDonalds has changed their menu to a more healthier menu because consumers are becoming aware of their health and they try to eat more healthy. McDonalds has responded to their desire by changing their menu into a healthier menu. Another example is that a small cupcake stall on the road were selling cupcakes for $2. In the afternoon, they changed the price to $1, then in the end they were giving out  cupcakes for free. The demand for the cupcakes were too low and they had a surplus so they wanted to get rid of the left over cupcakes.

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The statement consumer is king means that the consumers makes all the choices, e.g the fashions the trends, this means it will tell the producer what to make. Also, this statement is also true in the food department because consumers have started to realise that mc Donald’s for example serves very unhealthy food! Now they have introduced the “salad and water” as an option to for the side to your meal so it can still bring customers in the door so they can still make money.

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Consumers are king of the Australian economy because they are the influences of the producers to have the right trends, prices and they have the demand to control how much they are able and willing to pay for the good or service. Almost all of the time, consumers change their tastes and preferences which affects the producers, because they are interdependent of the consumers, so they can keep up with the trends and prices the consumers are able and willing to pay. Consumers have many different desires that they want producers to fulfill, thats why producers and consumers are interdependent with each other.

If producers put their price for a product too low, it benefits the consumers because it’s cheap, but sometimes it doesn’t benefit the producers, because they can have a shortage of supplies. This may also lead up to the producers not making a profit. Although, sometimes producers still make a profit if the product is selling really well.

If producers put their price too high, it can benefit them, although it also might not and they might have a surplus of supplies instead of having lots of consumers buy their product. So this will lead for the consumers not buying the product because it is too high of a price.

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Consumers are the King in the Australian Economy because they influence what  firms produce, how they produce it and how much they set their price for.

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Consumers are king in the Australian economy because without consumers producers won’t make any money to make a profit or have any money for their business

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The consumers are king because the producers need to sell their product to the consumers so the consumers are the Australian economy. Consumers decide what they want so producers make products that the consumers want. Producers make a fair price so consumers buy their product.

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Consumers are king in the Australian econmy because they are what keeps a buisness alive. So if there consumers stop purchasing a particular good or service. Buisnesses will have to adapt and lower the price or stop making that good/service So they can stay in buisness.An example of this would be when mcdonalds switched to a healthier menu to match there consumers preferences.Consumers also are the ones who set a price on an item and set a demand for that particular item.

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Consumers are king in the Australian Economy because producers have to work round the consumers such as how they set the price if the consumer is willing to pay and sometimes producers have to change and modify there product or produce depending on the consumers changing descision as and tastes. Macdonalds are selling burgers but they are now not selling they change the menu and consumers start coming back.

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READY STEADY COOK

Respond to the following statement - “Consumers are king in the Australian economy”.

In your response, you should include the following words. These are the ingredients necessary for a good response. Tick them off as you go. Try and ensure that your response flows and makes sense.
NOTE - Try and refer to the changes that McDonalds has made to their menu to support your answer.

Consumers

Producers

Good or service

Tastes and Preferences

Price

Demand

Supply

Want

Desire

Profit

Your teacher will provide you with feedback on:

1.) Sentence structure (Remember to provide a full sentence answer).
2.) How well you have answered the question.
3.) Your understanding of the relationship between consumers and producers.
4.) Your use and understanding of economics terminology.
5.) Your use of real life examples - McDonalds - to support your understanding.
6.) Spelling, grammar etc ...