Answered

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Explain the relationship between factor market and product

(15marks)

Sagot :

In factor market individuals supply factors such as labor in return for wages, rent and interest while in the product market firms supply products and individuals pay for them.

SmileyBangtan

Answer:The factor market is driven by demand in the product market. The resources needed to produce goods and services are created or obtained in sufficient quantities to satisfy demand in the product market. In effect, the consumer market dictates the factor market.

Explanation:

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