Question

Problem 14

Answer 1

Introduction

A goods market is the market where the exchange of goods and services is done between buyers and sellers.

Labor market refers to the market in which the wage rate and quantity of labor are determined based on labor demand and labor supply curve. It means the equilibrium wage rate and equilibrium quantity of labor are achieved. 

The financial market refers to the exchange of commodities and stocks. It means consumers can invest the money in the financial market for a better return.