Answer to Question #146217 in Microeconomics for ahad kha n

Question

Can you identify and explain your family’s interaction in the market for factors of production and your family’s interaction in the market for goods and services.

Answer 1

I am working part time with Cloudman Media as an IT specialist. Through factor market I am providing my service to the organization.

In exchange of my services to the organization, I receive wages.

From the above statement, I am a factor of production for Cloudman Media who renders services and in return I receive wages to cater for my needs.

Whenever I make purchase of a good or services from the product market, then I am buying the good in exchange of money. This is for my case but you can change as per the family.