ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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getting hired as a medical assistant
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going to the doctor
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selling your land to a company so they can build a factory
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buying capital goods for the production of your company’s products
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Detailed explanation-1: -Land, labour, capital, and entrepreneurship markets are examples of factor markets.
Detailed explanation-2: -What Transactions Take Place in a Factor Market? In the factor market, businesses are the buyers. They may buy, rent, or hire raw materials, land, or labor. Whatever a business needs in order to build, package, and deliver the products or services they provide must be obtained in the factor market.
Detailed explanation-3: -Factor market is a market where sellers and buyers transact production factors such as land, labor, and capital. In this market, businesses are the buyer, while the households are the seller. Companies buy services from households for inputs they use, e.g., labor in producing goods and services.
Detailed explanation-4: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.