Scenario 14.1
A worker in Firm A earns an income of $5,000 per month. He has been offered a job in Firm B where he will be paid a salary of $7,000 per month.
-Because of their derived nature, resource markets are completely different from any other type of market studied by economists.

Question

Quizplus · Accepted Answer

Resource markets, like labor markets where individuals sell their labor to firms, are analyzed by economists using similar principles as other markets, such as the principles of supply and demand, even though they involve the trading of resources rather than finished goods or services.

Scenario 14.1 A Worker in Firm a Earns an Income of $5,000