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question 61

Essay

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Definitions:

Household

An economic unit consisting of all the individuals who live together in one housing arrangement.

Market

A venue or mechanism through which buyers and sellers interact to trade goods, services, or securities.

Business

An economic system where goods and services are exchanged for one another or for money, on the basis of their perceived value.

Factor Market

A factor market is a marketplace for the services of factors of production, such as labor, capital, and land, where these are bought and sold.