Asked by Ninh Thi Thuy Trang on May 02, 2024
Verified
Resources are exchanged in ________ markets.
A) product
B) factor
C) exchange rate
D) stock
Factor Markets
Markets where productive resources (like labor, land, and capital) are bought and sold.
Product Markets
Markets where final goods or services are bought and sold, as opposed to factor markets where raw materials, labor, and capital are traded.
- Identify the different types of markets and their functions (factor, output, and product markets).
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
B
Explanation :
Resources are exchanged in factor markets, where factors of production (land, labor, capital, and entrepreneurship) are bought and sold.
Learning Objectives
- Identify the different types of markets and their functions (factor, output, and product markets).