7Economics "Consumer is King" by

7Economics "Consumer is King" by https://padlet.com/mgrummet/ivesskbio4b5 Formative Assessment 2 en-us 2017-05-15 07:10:49 UTC 2025-12-05 21:50:05 UTC hello@padlet.com INSTRUCTIONS jramsey6 https://padlet.com/mgrummet/ivesskbio4b5/wish/171759647 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

Extension words/points

What is produced?

How much is produced?

Satisfy consumer wants

Adjust what they sell

Willing and able to pay

Impact on revenue/sales

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 ...

]]> 2017-05-15 07:10:49 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/171759647 maghl22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742410 2017-05-25 01:43:57 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742410 Consumers are king in the Australian economy pipem22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742554 Consumers are king because they demand goods and services and the producers respond and supply them with the goods and services. Different consumers have different tastes and preferences and the producers take what they want and supply them with it. For example McDonald's had changed there food choices because consumers didn't like some of the things they were selling. So as a result the McDonald's company added healthier food and a 'create your taste' so the consumers could put exactly what they want in there burgers.
By Matthew.]]> 2017-05-25 01:45:26 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742554 (Tyler) Consumers are king in the Australia economy. gelft22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742621 Agreed. I think consumers are king because they have the money to pay for the goods and services at a shop and just by not buying there can put a shop out of business. For e.g. If they demand something like a fidget spinner the produces will have to get it or the consumers might stop buying and find somewhere else to spend money. The price is also involved because if the consumer wants to buy something it's going to want the cheapest it can get. The price might also have an effect on the profit they make. For e.g. A fidget spinner will need the resources to make it which will come from some sort of factory which will also get some of the money made which is profit. Consumers also don't want the broken spinners either. Produces need to do their best to make them the safest and the best-looking to have consumers buy them. By Tyler.]]> 2017-05-25 01:46:08 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742621 Consumers are King in Australia- Chloe adamc22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742623 Consumers rule over the producers by influencing their choices for change. Consumer sovereignty is great as we as the consumers are able to perchase what we want as we demand it but consumer sovereignty can also be a devastating thing for the producers as it can ruin their business. Great examples of this are the wel, known businesses of Lint chocolate and a McDonalds. Both businesses took a downfall for similar reasons, because they weren't producing healthy enough products. McDonald's wasn't getting enough service because people spread rumours that they weren't producing healthy products so people didn't go there and they started running low on business. To raise their service they started adding healthier options and they started getting their customers back. Lindt struggled and still struggles a little more than McDonalds has. Lindt produce so much chocolate but it is being wasted as it is not selling.]]> 2017-05-25 01:46:11 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742623 Molly's response to dawkm22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742630 I agree with the statement consumers are king, this means that the consumers have power over what the producers produce. An example of this is MacDonalds, suddenly the consumers wanted healthier products, so the producers (macdonalds) had to change the products and ingredients to sotte the consumer demand ( what the consumers want ) while still providing the consumers with there tastes and preferences and what they what and desire. MacDonald's where the producers providing the consumers with a good (food). MacDonald's did this to make shore that there profit did not fall and people where still buying there food. Over all the consumer desires what the producers produce, is the consumers do not like a good or service hey will not buy it and the producer will not make a profit, so the producers change the things they are producing to satisfy the consumers needs and wants. ]]> 2017-05-25 01:46:15 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742630 Isabella Murray murri22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742635 I Agree because if the consumer is paying/buying for the product the producer has to do what the consumer says, this is also called consumer demand so that means consumers are king of economics and they can control and rule over the producers.Consumers are people who buy the products and they can spend there money how ever they like and the producers are trying to get money from consumers.If the producers get more income the product are more likely to be sold.]]> 2017-05-25 01:46:18 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742635 boudb22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742636 I think that consumers are king because]]> 2017-05-25 01:46:18 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742636 Agree (Harri) https://padlet.com/mgrummet/ivesskbio4b5/wish/173742696 I agree that consumers are king in our accompany because if an consumer want something different the produces will do there best to for fill there requests and if that producer doesn't go with the demand they may become broke and lose there business, consumers are like a judge of whose companies or business survive by buying there product or buying there competitors product. Consumers are king because if they don't like what they see they can simply going or buying something else, this has happened to the the Swiss chocolate industry evey one are having more healthier diets and most people where going to smaller business instead of there's so they had to lower there prices for the king

]]> 2017-05-25 01:47:07 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742696 Consumer is King (Sophia Covella) https://padlet.com/mgrummet/ivesskbio4b5/wish/173742697 Yes I agree consumer is key in the Australian Economy because without them, producers wouldn't sell anything, or make any profit. Consumers demand influence the changes producers make to their products. For example, the new McDonald's menu. Consumers wanted healthier options on the menu. So the McDonald's workers had to alter their products to satisfy consumers wants (a healthier menu). Also, producers must set their prices for their products at a price customers are willing and able to buy. If they set it too high, customers won't buy them, but if it's too low, producers won't make profit. So they must set it just right so that they make profit as well as ensure it's a price consumers are willing and able to buy. So consumers are king in Australian Economy. ]]> 2017-05-25 01:47:08 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742697 Are consumers king in the Australian economy? (Annette) annette_sdass https://padlet.com/mgrummet/ivesskbio4b5/wish/173742717 Agreed. Consumers are the king on the economy, they are the ones that demand for what they want. The demand from the consumers is the reason McDonald's updated so much! People wanted so much things, McDonalds wanted more profit, and to sell more goods. This made the consumers happy. It's like the consumers are the boss, the ones that drive the producers crazy with their demands, but it's because of the consumers that the producers earn so much. If there were no such thing as the consumers, there would be no point in adding new things to the menus as there are no demands on how to improve, there would also be no one to consume the food or buy the good.

]]> 2017-05-25 01:47:20 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742717 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742718 I think that consumers are the 'king' in the economy because it is what they will buy from the producers. Consumer tastes change]]> 2017-05-25 01:47:20 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742718 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742736 I agree because ]]> 2017-05-25 01:47:36 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742736 I think the consumer is king in the Australian economy https://padlet.com/mgrummet/ivesskbio4b5/wish/173742743 2017-05-25 01:47:40 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742743 Consumers are king adamn22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742748 Y]]> 2017-05-25 01:47:43 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742748 Consumers are king (Matilda) allam22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742758 producesBecause what they want is what the producers provide for them. It can either be a good or service. So consumers basically controll the produces. If something new comes out everybody wants its. So the produces hav to listen to the consumers and produces what they want (a demand). After a while people aren't really interested in that peticular thing anymore and the producers profit goes down. For example McDonalds brought out 'healthier' food to their menu to attract more people to try out their food and to bring their profit up. The had to change all their ingredients to meet the 'healthy' menu. ]]> 2017-05-25 01:47:49 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742758 I agree because consumers have more control over what they can yes producers https://padlet.com/mgrummet/ivesskbio4b5/wish/173742764 2017-05-25 01:47:53 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742764 Consumer is king robeg22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742769 2017-05-25 01:47:55 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742769 Max Low https://padlet.com/mgrummet/ivesskbio4b5/wish/173742859 They are the king because they
control the market ]]> 2017-05-25 01:48:50 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742859 nicom22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742934 consumers are king because they control the market. a producer ]]> 2017-05-25 01:49:52 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742934 Max lowm22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173742996 They are the king because they control the market

]]> 2017-05-25 01:50:47 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173742996 I agree because the consumers have more choice, yes the producers have choice as what to sell or make but I feel like nilsl22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743000 2017-05-25 01:50:54 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743000 Charli longc22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743012 I agree because the consumers control the market. If the consumers want a fidget spinner the producers will make them for the consumers, for them to make a profit. Also the producers have more things to sell, but the consumers have more choice in what they want.

]]> 2017-05-25 01:51:02 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743012 Consumers are King in Australia {Mia} https://padlet.com/mgrummet/ivesskbio4b5/wish/173743058 I agree because they demand for goods and services over there producers who make the choices of grow and harvesting the produce. Consumer sovereignty is a great that way for us we can purchase anything with want. For example a business like MacDonalds and lint chocolate due to them going down hill and not making healthy products to provide the community so they changed there ingredients and food choices for healthier to make more profit.]]> 2017-05-25 01:51:36 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743058 Brendan boudb22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743060 Consumers are king because consumers control the market. If consumers want a specific good or service, the producers must make the good or service in order to make a profit. Take for example, Mc'Donalds. They are making some healthier options in their menu because consumers want to eat healthier food. Mc'Donalds won't make a good profit if they don't change their menu. This is a good example of consumer sovereignty because basically, the consumers are the puppeteers and the produers are the puppets. If the producers don't have enough supplies to make the good or service, or the producers don't change their products, the consumers will not buy products from the company and the company will not make any profit, or make any impact on the market. Consumers also don't want to be spending too much on their goods or services. If the price is too much, consumers won't want to buy the good or service and the producer won't make a profit, but if the price is to low, there won't be enough supplies to produce the product. It is basically all about what consumers want, and as we all know, what consumers want, consumers get.]]> 2017-05-25 01:51:40 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743060 Consumers are king (lucas maghl22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743108 I agree that consumer is king because they control the market. Producers would not sell anything to make no profit. For Example fidget spinners are popular everywhere now. The producers make them, then the consumers demand them (get them and sell them to people to make money. Also consumers are key because if we didn't have them produced then they won't make any profit. Another example is Mc Donald's. Mc Donald's in there menus make to sound like it is really healthy so the consumers will buy it but on the other hand it is really not healthy for you at all.]]> 2017-05-25 01:52:04 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743108 Consumers is king ~ Sophia giuppa ~ giups22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743130 I do agree consumer is key in Australian economy because if we didn't have them producers wouldn't sell anything or make any profit at all. Consumers demand can influence the changes that producers have to make. for example the craze about the fidget spinners. The consumers demanded for them and producers supplied them.the producers had to alter their products to satisfy. Producers have to set a price that the consumers will have to pay or they won't get anyone buying their products.]]> 2017-05-25 01:52:17 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743130 grbez221 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743145 Consumers are king of the economy because they get what they want of the produces whether I feel it's a specific good or service. Consumers get the services or good ]]> 2017-05-25 01:52:27 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743145 Consumer Sovereignty Avinesh F_ebby https://padlet.com/mgrummet/ivesskbio4b5/wish/173743151 I think the consumers are king. This is because that consumers buy what producers make. If a producer manufactures something that consumers do not want or need, consumers will not buy thier products and the producers will not gain profit. If a producer wants to earn profit, they must change their products and pricing to satisfy consumer demand. For an example, McDonalds used to not serve healthy products, then consumer s stopped buying from them. McDonalds had to then introduce salads, juice, and other healthier products to satisfy consumer demand. In other words, producers have to make what consumers demand to make earn profit. If a producer manufactures something that consumers do not need or want, they will not earn profit. This is why they need to change their product and pricing to satisfy consumer demand. This is why the consumer is the king of the economy.]]> 2017-05-25 01:52:29 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743151 Liam I agree because yes the problem producers have more things to sell or produce but the consumers have more flexibility and choice as what to buy or choose to sell. Consumers are called king because they have more choice and freedom within the market or trading industry. If consumers want a product a producer has to make it and make most time very little money or profit. Producers are like builders in such a way that they make things specifically for consumers and that's how they make there business grow and develop within the market. From Liam nilsl22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743168 2017-05-25 01:52:39 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743168 Consumers are king by nic adamn22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743195 I agree because without the consumers there would be no reason for firms to produce any thing]]> 2017-05-25 01:52:52 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743195 Sean kenns22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743206 I think that consumers are king because the they get to control what producers make and sell]]> 2017-05-25 01:52:57 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743206 Consumers are king Tilly nicom22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743228 Consumer are king because they control the market. A producer will make what the consumers want. If a producer made something that the consumers didn't want the consumers wouldn't buy it and then they wouldn't make a profit . Consumers wanted healthier food at McDonalds so they made their food healthier. ]]> 2017-05-25 01:53:11 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743228 YOUR BOY ZAK GRBELJA grbez221 https://padlet.com/mgrummet/ivesskbio4b5/wish/173743512 Consumers are king because they get items off the producers whether it is a service or good. I feel it wasn't for the consumer the producers would not have been making any profit! The consumers control the whole process and buy the service or good off the producer to sell. For example fidget spinners are a big craze right now and are very popular. The producers who have produced the product "fidget spinners" will produce them to the consumer the consumer will then sell the fidget spinner in the shop and that will how people like us buy our fidget spinners or other things. That's how the whole market industrie works and that why consumers are KING !!!

]]> 2017-05-25 01:56:46 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743512 Jovin https://padlet.com/mgrummet/ivesskbio4b5/wish/173743550 I think consumers are king because they can influence what the producers make and sell. A good example of this is Mc Donald's. The people who eat at McDonalds wanted more healthier options in their menu so they added more healthier options.I think this happened because of consumer demand.
The Consumers who ate at McDonald's wanted more healthier options in their menu so McDonald's responded with a healthier menu]]> 2017-05-25 01:57:16 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173743550 Consumer is king (Griffin robeg22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173744045 I agree because the company make profit of them, so the company should treat them as kings

]]> 2017-05-25 02:02:18 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173744045 Consumer is king (Griffin) robeg22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173744049 I agree because the company make profit of them, so the company should treat them as kings

]]> 2017-05-25 02:02:20 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173744049 Max max max max max max max max max low low low low low low low lowm22 https://padlet.com/mgrummet/ivesskbio4b5/wish/173744077 The consumer are king because they control the market because the get items of producers both goods and services without the consumer the producers would not make any profit.]]> 2017-05-25 02:02:38 UTC https://padlet.com/mgrummet/ivesskbio4b5/wish/173744077