A household pays a freelance designer to create a single logo, while a design company employs another designer on a salary. Which statement is correct?
Both payments occur in factor markets because designers provide labour
Both payments occur in product markets because money is exchanged
The logo purchase is in a product market, while the salaried employment is in a factor market
The logo purchase is in a factor market, while the salaried employment is in a product market
28 exam-style questions on OCR GCSE Economics 2.1 The role of markets, covering 2.1.1 What is a market, 2.1.2 Primary, secondary and tertiary sectors, 2.1.3 Factor and product markets, and 2.1.4 Specialisation and exchange. Each one has a worked solution and a mark scheme showing where the marks go.