Asked by
Khanh Tran Minh
on Oct 09, 2024Verified
Households and businesses are:
A) both buyers in the resource market.
B) both sellers in the product market.
C) sellers in the resource and product markets respectively.
D) sellers in the product and resource markets respectively.
Resource Market
A market where resources (such as labor, capital, and raw materials) that are used to produce goods and services are bought and sold.
Product Market
The marketplace where final goods or services are traded between sellers and buyers.
- Understand the roles of households and businesses in the market system.
Verified Answer
GB
Learning Objectives
- Understand the roles of households and businesses in the market system.