Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 2 - Part I - Thinking Like an Economist - Questions for Review: 4

Answer

A way individuals react in the factor market is by seeking employment, whereby they utilize their labor (a factor of production) to create goods and services.

Work Step by Step

Any purchase requires individuals to be interacting with the product market. Any time a person spends money to gain a good or service, they are working within the product market. This can be seen from expensive goods such as cars, to daily expenses such as food.
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