3 years ago

Jim is being paid $7.25 an hour to work at a restaurant. In the circular flow, this is an example of a:

1 answer:

max2010maxim [7]3 years ago

4 0

Answer:

The answer is household selling a resource in the factor market which is the same thing as business buying resource in the factor market

Explanation:

Factor market is a market in which factors of production e.g land, capital, labor are bought and sold.

In the question above, Jim(household or labor) is working at a restaurant (firm or business). This means Jim is selling his resource(labor) in the factor market while the restaurant is buying the resource(labor) in the factor market.

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