Question

Name any TWO market in the circular flow

Answer 1

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product and factor!!...

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Answer 2

Product Market and Resource Market are the two types of market in circular flow model of Macroeconomics.

Explanation:

A circular flow model in Macroeconomics shows or illustrates the flow or sequence of payments for goods and services in the economy between the producers and consumers with consideration to the exports and imports.Circular flow consists of four sectors such as business,household,government and financial and three markets which are product,factor and financial.

The product market refers to the market for all the final goods and services produced in the economy.Final goods and services are those that are ready for final sale in the market.It is added to the Gross Domestic Product or GDP level of the country.

The resource market is the market for input or factors of production,which are used in the production to produce or manufacture the final goods and services in the economy.Examples of inputs/factors are land,labor,financial capital in business,physical capital,raw materials,machinery,equipment,factories and so forth.