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Product and factor markets are essential because they facilitate the exchange of goods and services (product markets) and the inputs required for production, such as labor and capital (factor markets). These markets enable efficient resource allocation, helping to match supply with demand, which drives economic growth. Additionally, they influence pricing mechanisms and competition, ultimately benefiting consumers and producers alike. Together, they underpin the functioning of a market economy.
What else can I help you with?
What is the difference between factor market amd product market?
Factor Market: Market where factors of production are traded for $$$ (Land, Labor, Capital, Entrepreneurship) AMD (:p lol) AND Product Market: Where final products from businesses or firms are sold by means of factors of production (i.e. target, best buy, etc.)
What is the difference between the fact market and the product market?
The factor market is where resources, such as labor, capital, and land, are bought and sold to produce goods and services. In contrast, the product market is where finished goods and services are exchanged between producers and consumers. Essentially, the factor market deals with inputs used in production, while the product market focuses on the outputs of that production. Together, they form the basis of an economy's functioning, linking production and consumption.
Why it is important to match customer needs with the product?
for existence in business and improve market share
What is a market pull product?
A market pull product is basically a product the serves a purpose for other products.
Why the balance of marketing mix is as important as any single element?
If the product is not desirable no market will want to purchase it. Without a suitable pricepoint that meets the target market's expectatins the purchase will not take place. Without adequate promotion, there will be no knowledge of the product. And if the placement and distribution is not appropriate for the market, no one will know where to find it. Therefore all of the basic four p's, product, price, place and promotion are important.
What is the difference between factor and product market?
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 =)
How does a market economy coordinate factor and product markets?
8=====(-)
What is the difference between factor market amd product market?
Factor Market: Market where factors of production are traded for $$$ (Land, Labor, Capital, Entrepreneurship) AMD (:p lol) AND Product Market: Where final products from businesses or firms are sold by means of factors of production (i.e. target, best buy, etc.)
What is the difference between a labor market and a factory market?
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.
How do businesses and individuals participate in both the product market and the factor markets in the economy?
Businesses in a product market recive revenue from households to pay for the labor that they are using, and in factor markets businesses buy land etc. from households. This keeps the money flowing in the market economy.
What is an example of a market modification?
market modification can be done by product modification, i.e the promotion of SUNSILK has increased the market share by including a bit modification in their product and adding a factor of dermotologist. actually market modification is the modification in market share.
What is the difference between the fact market and the product market?
The factor market is where resources, such as labor, capital, and land, are bought and sold to produce goods and services. In contrast, the product market is where finished goods and services are exchanged between producers and consumers. Essentially, the factor market deals with inputs used in production, while the product market focuses on the outputs of that production. Together, they form the basis of an economy's functioning, linking production and consumption.
What is the least important factor when comparison shopping?
The most important factor is the quality of the product you hope to buy; be sure that when you do comparison shopping you compare the product you picked with other products from different stores or companies. The least important factor depends on yourself and what you want. There is no real less important factor of comparison shopping.
Why is marketing important to a company?
You market to get your message about what you have to offer. If you don't market your product then no one knows about it.
Why is product marketing important?
Because without the product, there wouldn't be much use in marketing. In order to market, you need a product.
Why is it important to know the relationship between special product and factor?
chocolate
What are the factor of rising cost of product?
Supply and demand are the most important factors in the rising cost of a product.
