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Chapter 1: Q 17. (page 25)

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

Short Answer

Expert verified

Firms are primarily sellers in the goods and service market and buyers in the labor market.

Step by step solution

01

Step 1. Firms and goods and services market.

Firms are primary sellers in the goods and services market. A market is a place where sellers and consumers interact to buy and sell goods and services. The firms sell different goods and services to the households to fulfill their wants.

02

Firms and the labor market.

Firms are primary buyers in the labor market. The labor market is the market where workers meet the manufacturers and producers of goods and services. They buy labor to produce goods and services in the exchange for wages and salaries.

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Most popular questions from this chapter

Suppose America decide to save more of their incomes. If banks lend this extra saving to business that use the funds to build new factories, how might this lead to faster growth in productivity? Who do you suppose benefits from higher productivity? Is society getting a free lunch?

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What would be another example of a "system" in the real world that would serve as a metaphor for micro and macroeconomics?

Give the three reasons that explain why the division of labor increases an economy's level of production.

If a central bank uses the tools of monetary policy to reduce the demand for goods and services, the likely result is __ inflation and __ unemployment in the short run.

  1. Lower; lower
  2. Lower; higher
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