Which term best completes the sentence: A(n) _______ is a product that can be bought and sold.

• A. good
• B. factor
• C. market
• D. utility

Answer: (A)

Verified step by step guidance

1. Understand the definitions of the terms provided: a 'good' is a tangible product that can be bought and sold; a 'factor' refers to inputs used in production like labor or capital; a 'market' is a place or system where goods and services are exchanged; and 'utility' is the satisfaction or benefit derived from consuming a product.
2. Analyze the sentence: 'A(n) _______ is a product that can be bought and sold.' The key phrase here is 'product that can be bought and sold,' which points towards a tangible item.
3. Match the definitions to the sentence: since 'good' refers to a tangible product that can be bought and sold, it fits the sentence best.
4. Confirm that 'factor' and 'market' do not fit because 'factor' is an input, not a product, and 'market' is a place or system, not a product.
5. Recognize that 'utility' is a concept related to satisfaction, not a physical product, so it does not complete the sentence correctly.