Asked by Caleb Glenney on Jun 15, 2024
Verified
A factor market is
A) where goods are exchanged.
B) where resources are exchanged.
C) where goods are made.
D) organized by government.
Factor Market
The marketplace where services of the factors of production (notably land, labor, capital) are bought and sold.
Resources Exchanged
The process through which different types of resources, including goods, services, information, and money, are traded or swapped among individuals, businesses, or countries.
- Discern the assortment of markets and their purposes (factor, output, and product markets).
Verified Answer
BC
Bonita CevirJun 21, 2024
Final Answer :
B
Explanation :
A factor market is where resources (factors of production such as labor, capital, and land) are bought and sold.
Learning Objectives
- Discern the assortment of markets and their purposes (factor, output, and product markets).