Which type of markets consist of individuals and households that buy goods and services for personal use?

• A. Government markets
• B. Factor markets
• C. Consumer markets
• D. International markets

Answer: (C)

Verified step by step guidance

1. Understand the definition of each market type: Government markets involve transactions where the government buys goods and services for public use or administration.
2. Factor markets are where factors of production (like labor, capital, land) are bought and sold, typically involving firms and households exchanging resources.
3. International markets refer to trade between countries, involving exports and imports of goods and services across borders.
4. Consumer markets consist of individuals and households purchasing goods and services for their own personal use, not for production or resale.
5. Identify that since the question asks about individuals and households buying for personal use, the correct market type is the Consumer markets.