Question

Name a way that your family interacts in the factor market and a way that it interacts in the
product markets.
(5 marks)​

Answer 1

Answer:

In the product market, my family is buyer, and firms are sellers. In particular, my family buy the output of goods and services that firms produce. In the factor market, my family is seller, and firms are buyers. In these markets, my family provides the inputs that firms use to produce goods and services.