Members of which type of market buy goods and services that are used in, or in support of, the production of other products or services?

Question

Quizplus · Accepted Answer

Members of the business market, also known as the industrial market, buy goods and services that are used in, or in support of, the production of other products or services. This includes raw materials, machinery, and equipment needed for manufacturing, as well as professional services and office supplies needed for running a business. Wholesale and retail markets are subsets of the business market, and the international market involves buying and selling goods and services across national borders. The consumer market, on the other hand, consists of individuals or households who buy goods and services for their own personal use.

Members of Which Type of Market Buy Goods and Services