A Factor Market Is Any Place or Process Where

question 51

Multiple Choice

A factor market is any place or process where

• A)Finished goods are bought and sold.
• B)Land,labor,or capital is bought and sold.
• C)Finished services are bought and sold.
• D)None of the choices are correct.

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Definitions:

Revenues

The total amount of money received by a company for goods sold or services provided during a certain time period.

Costs and Expenses

The consumption of resources or services in the production of goods or in providing services, resulting in financial outlay.

Income

Revenue earned by a business or individual, resulting from their activities or investments.

Variable Costing

An accounting method that only allocates variable costs to product costs, excluding fixed factory overhead.