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What is traded in a factor market?
A
A factor market price, because it is payment for labour.
B
Factors of production: land, labour, capital and enterprise.
C
A worker paid on Friday can spend the money as a customer on Saturday.
D
They sell labour to Greggs and later spend their wage buying Greggs' products.
Card 1 of 25
2.1.3 Factor and product markets Flashcards
25 flashcards on OCR GCSE Economics 2.1.3 Factor and product markets: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.