Question

4. Name a way that your family interacts in the markets for the factors of production and a way that it interacts in the markets for

goods and services.

Answer 1

One way my family interacts in the markets for the factors of production is by hiring labor, such as hiring a cleaner or a landscaper to maintain our home. Another way is by renting land or property, such as renting a vacation home or storage unit.

In the markets for goods and services, my family interacts by purchasing goods and services, such as buying groceries at a supermarket, purchasing clothing from a retail store, or paying for a meal at a restaurant.