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11 July, 06:06

Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services.

Event Market for Factors of Production Market for Goods and Services

1. Darnell earns $350 per week working for Pillmart Pharmacy.

2. Darnell spends $125 to purchase a necklace from Classy's Jewelry Store.

3. Eleanor spends $9 to buy a box of aspirin.

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  1. 11 July, 08:02
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    Market for Factors of Production Market for Goods and Services Market for Goods and Services

    Explanation:

    The market for factors of production trades in factor inputs. The households supply factors of production to the businesses. The businesses in return pay them factor payments.

    The businesses use factor inputs to produce various goods and services and supply them in the goods and services market. The households purchase these goods and services and pay in return to businesses.

    Here, Darnell is providing his factor services to Pillmart Pharmacy and earning factor income in return. So he is operating in the market for factors of production.

    Darnell is purchasing a necklace which is a final good and paying for it. So he is operating in the market for goods and services.

    Eleanor is purchasing a box of aspirin which is a final good. So she is operating in the market for goods and services.
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