Introduction to Economics 1 Deneme Sınavı Sorusu #730826
In which of the following situations is the service provided by product markets used?
When you buy a land. |
When you buy a yacht. |
When you buy a new car. |
When you buy a new sofa. |
When you buy a hamburger. |
There are two types of markets: product markets and factor markets. In product markets, all sorts of goods and services from cars to movie tickets are bought and sold. They refer to the market for the final goods themselves; however, factor markets are concerned with markets for factors of production or input in a production process, such as land, labor and capital. When you are offered a consumer loan, you are in a capital market. When you try to get a job, you are in a labor market. If you want to buy a piece of land or house by the Aegean coast for your retirement, then you are a participant in the land market or real estate market. The correct answer is A.
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