Question

The _________________ market is the one where consumers buy goods and services.

The _________________ market is the one where businesses buy the raw materials, labor service, and machinery needed to make goods and services possible.
Payment a business receives from customers for its products is _________________.
Explain the difference between consumer goods and capital goods.

Answer 1

The market where consumers buy goods and services is called the consumer market. In this market, individuals or households purchase products or services for their personal use or consumption.

The market where businesses buy the raw materials, labor service, and machinery needed to make goods and services possible is called the "factor" or "input" market. In this market, businesses purchase the necessary resources to produce their goods or services.

On the other hand, the payment a business receives from customers for its products is called "revenue" or "sales." This is the money a business earns by selling its goods or services to consumers or other businesses.

To summarize, the factor market is where businesses purchase the necessary resources for production, while revenue is the payment received from customers for the products. Consumer goods are goods used by individuals for personal consumption, while capital goods

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