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What is something that a resource market is least likely to sell?
goods and services
In the circular flow of goods and services what does the resource market represent?
all the exchanges of goods and services in an economy
For whom are goods services produce in a market economy?
In a market economy, goods and services are produced for consumers.
Which market or markets are consumer goods and services bought into?
Goods or services bought by a consumer are bought in the consumer market. The consumer market includes fast moving consumer goods, consumer durables, soft goods and services.
Difference between resource market and intermediate market?
To make it complex, resource market are the market that sell RAW materials, which can be divided into three type - Natural resource market, which sell all goods and service obtained from our environment, such as lumber, oil, and etc. - Human resource market, which mean the labor demand and supply (The needs of employees) - Financial resource market, which means the provision of finance service, such as banks While industrial market, sell goods and services that has been manufactured from industrial market As example, Resource market sell Lumber, and Intermediate market buy the goods that has been processed from Industrial market. Intermediate market consist of retailers and wholesalers. To make it easier to understand Resource market - Sell item from nature, or in form of labor. E.g Crops, oils, milk Intermediate market - Sell goods that "Resource market" sold to "industrial market" and has been processed by "Industrial market" e.G Resource market - "Chop trees" - gain lumber, and sell Industrial market - Buy lumber, manufacture "processed wood" from lumber Intermediate market - buy the processed wood and sell it to consumer
What determines the amount of income a household will earn in the resource market?
the amount of income a household will earn in the resource market determined by how many productive resources firms need to produce their products, and determined by the quality of goods and services the household has expenditured on in the product market.
What is markets in which firms sell their output of goods and services?
The product market is the market in which firms sell their output of goods and services.
Where do resource owners get the money to buy goods and services in the product market?
Resource owners get the money from money-income payments ( from firms ) in the form of wages,rent, salaries, interest and profits.
What determines the prices of goods and services in the product market?
Supply and demand. Supply and demand determines the prices of goods and services in the market.
Is fast food a capital resource?
Fast food is not a capital resource. A capital resource refers to equipment or goods that are used to make other goods and services.
Household purchase goods and services in the what market?
Product market
In the circular flow of goods and services what does the product market represent?
all the exchanges of goods && services
