Asked by Michelle Marquez on Jul 21, 2024
Verified
Households buy goods and services in the _____ markets.
A) factor
B) product
C) resource
D) financial
Product Markets
Markets where finished goods and services are bought and sold.
- Acquire knowledge about the parts and structure of the circular-flow diagram.
- Distinguish and recognize the distinctions between factor and product markets.
Verified Answer
TW
Tiffany WarrenJul 24, 2024
Final Answer :
B
Explanation :
Households buy goods and services from the product markets. The factor market is where households provide their labor and resources in exchange for income. The resource market is where businesses buy resources such as land, labor, and capital. The financial market is where businesses and households buy and sell financial assets like stocks and bonds.
Learning Objectives
- Acquire knowledge about the parts and structure of the circular-flow diagram.
- Distinguish and recognize the distinctions between factor and product markets.