A bicycle repair business employs mechanics. Households pay the business to repair their bicycles.
State whether a household paying the business for a bicycle repair is trading in a factor market or a product market.
State the name given to the price the business pays the mechanics for their labour.
76 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.