Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 1: Q 17. (page 25)

Are firms primarily buyers or sellers in the goods and services market? In the labor market?

Short Answer

Expert verified

Firms are primarily sellers in the goods and service market and buyers in the labor market.

Step by step solution

01

Step 1. Firms and goods and services market.

Firms are primary sellers in the goods and services market. A market is a place where sellers and consumers interact to buy and sell goods and services. The firms sell different goods and services to the households to fulfill their wants.

02

Firms and the labor market.

Firms are primary buyers in the labor market. The labor market is the market where workers meet the manufacturers and producers of goods and services. They buy labor to produce goods and services in the exchange for wages and salaries.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?

A computer systems engineer could paint his house, but it makes more sense for him to hire a painter to do it. Explain why?

Why isn’t trade among countries like a game in which one country wins and the other loses?

Why is it unfair or meaningless to criticize a theory

as “unrealistic?”

The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be?
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free