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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

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

To determine

What is the position of households in the goods and service market and in the labor market?

Explanation

The households and firms have overlapping interactions in multiple markets, such as the goods and services market, and the labor market. In the services and goods market, households behave as buyers and pay firms for the goods and services they buy. However, in the labor market, households render their labor and receive payments from firms in form of wages, salaries, and other benefits. The amount paid by the households becomes the revenue for the firms...

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