How do people in a market economy obtain income that is used to buy goods and services?

Question

Quizplus · Accepted Answer

In a market economy, individuals obtain income by supplying their labor and other resources to firms in exchange for wages, salaries, and other forms of compensation. This income is then used to purchase goods and services in the market. In general, the amount of income that individuals can earn depends on the supply and demand for the types of labor and resources that they offer, as well as the prices that firms are willing to pay for them. Bartering and selling goods and services to each other are also possible sources of income in a market economy, but they are typically less common than exchanging labor and resources for money.

How Do People in a Market Economy Obtain Income That