Asked by
Nidhi Mehendale
on Dec 12, 2024Verified
The market where firms purchase factors of production is referred to as the
A) product market.
B) resource market.
C) capital market.
D) foreign exchange market.
Resource Market
A marketplace where resources (such as labor, capital, and natural resources) are bought and sold, facilitating economic production.
Factors of Production
Resources used in the creation of goods and services, including land, labor, capital, and entrepreneurship.
Firms
Business organizations engaged in professional, commercial, industrial, or service activities.
- Examine the determinants affecting labor demand and additional resource requirements.
Verified Answer
MH
Learning Objectives
- Examine the determinants affecting labor demand and additional resource requirements.