List and describe three different input markets
What will be an ideal response?
The labor market is where household members sell their labor services in exchange for wages. In capital markets, households supply funds for firms to purchase capital equipment. Land and other real property are exchanged in the land market.
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Marginal cost is the change in the:
A) total cost associated with producing one more unit of output. B) average total cost associated with producing one more unit of output C) average variable cost associated with producing one more unit of output. D) opportunity cost associated with producing one more unit of output.
Currency reserves on account with the International Monetary Fund used to settle accounts between countries are known as
A) federal reserves. B) official reserve account transactions. C) unilateral transfer. D) special drawing rights.