Question

A factor market is A) where goods are exchanged. B) where resources are exchanged. C) where goods are made. D) organized by government.

Answer 1

Answer: B) where resources are exchanged

Step-by-step explanation:

The factors market is a very important market as this is where producers buy and sell resources needed for the production of goods and services. These resources include land, capital, labor and raw materials.

The market where crude oil is sold for instance is a factor market. Crude oil is a raw material that is converted into gasoline amongst other fuel related products.