Question

Dorian owns a farm and sells potatoes to local restaurants and grocery stores. which phrase describes this information about dorian's business?

Answer 1

Dorian owns a farm and sells potatoes to local restaurants and grocery stores. The phrase describes this information about Dorian's business is supplier in the factor market.

Economists refer to all of the resources that firms utilize to buy, rent, or hire the equipment they use to generate goods or services as the "factor market."

The factors of production include raw materials, land, labor, and capital as they are what are required to meet these needs.

The input market is another name for the factor market.

By this definition, all markets fall into one of two categories: those that provide businesses with the resources they require, or those that provide consumers with the goods and services they need to make purchases.

Hence, the phrase describes this information about Dorian's business is a supplier in the factor market. As Dorian's business is to farm and sell potatoes to other businesses which use these as raw materials.

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