Respuesta :
the product market
The product market is where final goods or services are offered for sale by firms. Households purchase these final goods and services and in return the firms receive revenue to be used to cover the costs of the business including human resources. This is one facet of the circular flow of business.
The correct question is
John works a part-time job at a local fast food restaurant. He saves his money to purchase a used car for $2,500. Because the tires on the vehicle that he is going to purchase are worn, he negotiates a set of new tires to be placed on the vehicle prior to the official sale. The dealership purchases the tires from the Bridgestone factory to placed on the vehicle.
John writes a check for his purchase and drives the car to his job that evening. The purchase of the used tires in this scenario would describe John's utilization of
The purchase of the used tires in this scenario would describe John's utilization of the factor market.
Factor market is simply refered to as the totality of the resources that businesses use to purchase, rent, or hire what they need in order to produce goods or services.
- These needs includes raw materials, land, labor, and capital. It is also referred to as input market.
This type of market is mainly for services needed to complete the production process. examples of inputs are capital, labor, raw material, entrepreneurship, and land.
- The factors are usually purchased and sold, when they are needed in order for the goods and services market to complete a finished product.
"Conclusively, the tires is need by John to fixe into his car making this therefore a factor market.
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