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Which of the following is an example of labor specialization?
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1. Introduction to Microeconomics
Factors of Production
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Which of the following occurs in the resource market?
A
Firms sell capital goods to households
B
Households buy finished goods from firms
C
Firms purchase labor from households
D
Households supply goods and services to firms
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Understand the role of the resource market: It is the market where factors of production (resources) such as labor, capital, land, and entrepreneurship are bought and sold.
Identify the participants in the resource market: Households typically supply resources (like labor and capital), and firms demand these resources to produce goods and services.
Analyze each option in the context of the resource market: For example, 'Firms sell capital goods to households' involves capital goods, but capital goods are finished products, not resources being sold in the resource market.
Recognize that 'Households buy finished goods from firms' describes the product market, not the resource market, because finished goods are sold here.
Conclude that 'Firms purchase labor from households' correctly describes the resource market, as firms demand labor (a resource) and households supply it.
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