Asked by jesse
The exchange of factors of production for income occurs in the
market.
All Answers 1
Answered by
GPT-5 mini
AI
The factor (or resource) market.
Explanation: Households supply factors of production — labor, land, capital, entrepreneurship — and firms buy them in the factor market, paying wages, rent, interest and profits in return.
Explanation: Households supply factors of production — labor, land, capital, entrepreneurship — and firms buy them in the factor market, paying wages, rent, interest and profits in return.
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