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Product Decision Making

Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald's, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? How does the market determine who will get the goods and services? Who decides whether these particular products should continue to be produced and offered for sale? How do these decisions differ between capitalist and socialist systems?

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What motivated the producers of all the individual products in the store to make them and offer them for sale?

Products in stores, and particularly in large retail stores, are produced based on consumer demand. Because there is a high demand for products, the producers continue selling to the retailers.

How did the producers decide on the best combinations of resources to use?

Producers use the combinations of resources that are the most ...

Solution Summary

This solution discusses what motivates producers of products in stores to make them and offer them for sale. I also discuss how producers decide on the elements to use, who made those resources available, and how the market determines who gets the goods and services. All elements presented in the student's question are thoroughly addressed in this solution.

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