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Provide an example of something traded in a product market and a factor market.

User Kimo
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1 Answer

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Answer:

PM: Anything you can find at the grocery store.

FM: The materials needed to produce their goods and services.

Explanation:

PM: A product market is the marketplace in which the final goods are sold to consumers. Anything you can purchase at the grocery store would then qualify as an answer. (Example: Eggs, Hand soap...etc)

FM: A factor market is where producers purchase their needed materials and means of production in order to produce their final products. (Example: Wood, Iron...etc)

User Dan Gifford
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