Markets used to exchange final good or service.
The market system allocates goods and sercives to those who are able to pay for those products and therefore income is a limiting factor.
In a mixed economy, the government purchases land, labor,and capital from households in the factor market, and purchases goods and services in the product market.
An example of factor market is the automobile market. This is a market that exists as a result of demand for something that consumers use.
In a market economy, firms make the goods. Households buy the goods.
it does not take into account market power, public goods, merit goods and externalities. it works in a free market and not in a controlled one.
The difference between a factor market and a product market is that a factor market is a market where productive resources are bought and sold, while a product market is a market where products offer goods and services for sale.I copied this out of my econ book =)
The market system allocates goods and sercives to those who are able to pay for those products and therefore income is a limiting factor.
The primary difference between product markets and factor markets is that factors of production like labor and capital are part of factor markets and product markets are markets for goods.
A market for mass-produced goods
In a mixed economy, the government purchases land, labor,and capital from households in the factor market, and purchases goods and services in the product market.
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.
A goods market is a place where different types of products are bought and sold. A goods market might be organized by a town during a special event or on a certain day of the week.
In a market economy, goods and services are produced for consumers.
An example of factor market is the automobile market. This is a market that exists as a result of demand for something that consumers use.
in a market economy, firms make the goods. Households buy the goods
in a market economy, firms make the goods. Households buy the goods
A market for mass-produced goods