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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 demanders or suppliers in the goods market? Are firms demanders or suppliers in the goods market? What about the labor market and the financial market?

To determine

Are household’s demanders or suppliers in the goods market? Are firm’s demanders or suppliers in the goods market? What about the labor market and financial market?

Explanation

Goods market is the market where buyers and sellers exchange the goods. Firms act as a supplier as they produce and sell the goods. Households are the demanders where they demand and buy the goods supplied by firms.

In labor market, labors are the ones who assist in production hence they are suppliers and they also consume the goods so they are demanders also...

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