Jim is being paid $7.25 an hour to work at a restaurant.In the circular flow,this is an example of a:

A) business selling goods and services in the product market.
B) household buying goods and services in the product market.
C) household buying goods and services in the factor market.
D) household selling a resource in the factor market.

Factor Market

A factor market is a marketplace for the services of factors of production, such as labor, capital, and land, where these are bought and sold.

Circular Flow

An economic model depicting the continuous movement of money, goods and services, and factors of production between producers and consumers in the economy.

Household

An economic unit that consists of all individuals who occupy a housing unit, regardless of their relationship.