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18 October, 11:31

Suppose Becky earns $650 per week working as an analyst for A-plus Accountants. She uses $10 to order a mojito cocktail at Little Havana. Little Havana pays Alex $250 per week to wait tables. Alex uses $250 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario occurs in the resource market or the product market. 1. Alex earns $250 per week working for Little Havana. (Resource Market / Product Market) 2. Becky spends $10 to order a mojito cocktail. (Resource Market / Product Market) 3. Becky earns $650 per week working for A-Plus Accountants. (Resource Market / Product Market)

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  1. 18 October, 14:16
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    1. Resource Market

    2. Product Market

    3. Resource Market

    Explanation:

    Resource Market

    The resource market deals with resources and the means of production of goods.

    Product Market

    The product market deals with products and physical goods

    1. Alex earns $250 per week working for Little Havana

    Here Little Havana provides means for product i. e. cocktails and hence is a resource market.

    2. Becky spends $10 to order a mojito cocktail.

    Here Becky is buying the product, hence Product Market

    3. Becky earns $650 per week working for A-Plus Accountants.

    Here A-Plus Accountants provides means for product i. e. tax services and hence is a resource market.
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