ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Markets where firms SELL goods & services that they produce to households.
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Markets where firms BUY resources they need to produce goods & services.
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Either A or B
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None of the above
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Detailed explanation-1: -In short, the market for goods and services is simply where the goods and services produced by businesses are bought. So, in the markets for goods and services, businesses sell goods and services and households buy goods and services.
Detailed explanation-2: -Markets in which firms sell their output of goods and services are called resource markets. product markets. command markets. mixed markets.
Detailed explanation-3: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly.
Detailed explanation-4: -By Goods Market, we mean all the buying and selling of goods and services. By Money Market, we mean the interaction between demand for money and the supply of money (the size of the money stock) as set by the Federal Reserve working through the banking system.
Detailed explanation-5: -The product market is where goods and services are sold and bought, while the factor market is where different factors of production like land, capital, and labor are bought and sold.