- Factor Market - market where factors of production is bought and sold. (Resources)
- Ex: Volunteering - labor
- Product Market - market in which goods and services are bought and sold. (Goods)
- Ex: Getting a haircut.
Economics Actors
- Firms - a business or organization that produces goods/services for sell.
- Households - a person or group of people that share an income.
Type of Markets
- Traditional : All family members have the same occupation.
- Communist : Run by others
- Free Market : Make all the decisions themselves. (Hong Kong)
- Mixed Market : Some decisions are made by the government and some are made by the people. (U.S.)
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