Refer to the diagram and explain the difference between a factor market and a product market

The Factor Market is where the businesses go to get the factors of production or productive resources (C. E. L. L). The Product Market is where consumers go to get goods and services produced by the businesses.

Explanation:

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In a factor market the household provides land, capital and labor to firms in exchange for payments that come in the form of salaries, rent, or profits. In a product market the household income is used to purchase goods or services that are provided by firms.

Explanation:

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