Quiz on Goods and Factors Market

What is a market?

• A place where goods are stored

• Any contact or communication between buyers and sellers

• A type of product

• A government regulation

What do we call the collective markets for Factors of Production?

• Consumer Market

• Factor Market

• Service Market

• Goods Market

Which of the following is NOT a Factor of Production?

• Entrepreneurship

• Natural Resources

• Labour

• Retail

Who are considered consumers in the economy?

• Investors

• Households

• Firms

• Governments

What do households sell in the Factor Markets?

• Consumer goods

• Factors of Production

• Capital

• Services

What do households receive in exchange for their Factors of Production?

• Goods

• Income

• Services

• Loans

What is the role of firms in the Factor Markets?

• Sellers of consumer goods

• Buyers of Factors of Production

• Sellers of Factors of Production

• Consumers of services

What do firms produce using the Factors of Production?

• Natural resources

• Consumer goods and services

• Financial products

• Real estate

What is one responsibility of firms?

• Only buying Factors of Production

• Deciding how goods and services will be produced

• Managing household income

• Only selling goods

What do households use their income for?

• Buying stocks

• Saving for retirement

• Purchasing consumer goods and services

• Investing in businesses