Question

Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating in __________.

Answer 1

The factor market

Step-by-step explanation:

The factor market refers to buying and selling of factors of production. Factors of production are land, labor, capital, entrepreneurship. Prices of factors of production are determined by interaction of supply and demand forces. By Dave offering his labor, he receives wages as a reward for the factor of production he provides i.e. labor.