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1. Briefly explain what a product market is. Then, describe the role that product
markets play in the flow of goods and services in an economy. In forming your
response, be sure to describe the relationship between product markets, households,
and businesses. Provide a brief example to illustrate this relationship. (4 points)

Sagot :

jaquelinefvr

The product market can be defined as the sector where finished products are sold to individuals and companies.

What is the role of the product market in the economy?

The final products and services exist to satisfy the needs of consumers, and their commercialization is responsible for moving the economy, impacting on employment opportunities, profitability of companies and quality of life of individuals.

Therefore, the product market is related to the law of supply and demand, impacting the economic development of a nation.

Find out more about product market here:

https://brainly.com/question/906651

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