Asked by Blake Waldman on Jul 19, 2024
Verified
In the markets for goods and services,households demand labor and firms supply labor.
Markets for Goods
Platforms or venues where goods and services are exchanged between buyers and sellers, determining the prices through the laws of supply and demand.
Households
Units consisting of one or more people living in the same dwelling and sharing meals or living accommodation; they can also be considered as basic units in society for consumption, production, and decision-making.
Firms
Business organizations, such as corporations or partnerships, engaged in commercial, industrial, or professional activities.
- Examine the role of goods and services markets in contrast to labor markets.
Verified Answer
RA
Rania AssafJul 21, 2024
Final Answer :
False
Explanation :
In the markets for goods and services, households demand goods and services while firms supply goods and services. In the markets for factors of production, firms demand labor while households supply labor.
Learning Objectives
- Examine the role of goods and services markets in contrast to labor markets.