What production factors might be available in a resource market or factor market?(1 point) Responses
A. Landscaping work provided by household members in exchange for wages from a landscaping company.
B. Food purchased from a chain grocery store.
C. Home renovations provided to a household by a construction company.
D. Heat, water, and electricity provided to households by the government.
A. Landscaping work provided by household members in exchange for wages from a landscaping company.
C. Home renovations provided to a household by a construction company.
The production factors that might be available in a resource market or factor market include:
A. Landscaping work provided by household members in exchange for wages from a landscaping company.
C. Home renovations provided to a household by a construction company.
D. Heat, water, and electricity provided to households by the government.
In a resource market or factor market, various production factors or resources may be available. These factors can be categorized into different types, which include:
A. Landscaping work provided by household members in exchange for wages from a landscaping company: This represents labor as a production factor. Labor refers to the physical and mental efforts exerted by individuals in the production process.
B. Food purchased from a chain grocery store: Food, in this case, is considered a product or output rather than a factor of production. It is produced using the various production factors available in the resource market.
C. Home renovations provided to a household by a construction company: This exemplifies capital as a production factor. Capital refers to the equipment, machinery, buildings, and infrastructure used in the production process.
D. Heat, water, and electricity provided to households by the government: These resources are categorized as natural resources or land. Natural resources include land, water, minerals, and other raw materials that are utilized in the production of goods and services.
So, the correct production factors available in a resource market or factor market would be A. landscaping work provided by household members in exchange for wages from a landscaping company and C. home renovations provided to a household by a construction company.