The product market is where final goods and services are bought and sold by households.
Imagine the product market as a supermarket. Just like you go there to buy groceries or other products for your daily needs, households visit the product market to purchase goods and services produced by businesses.
Consumer Goods: This term refers to products that are directly consumed by individuals or households.
Intermediate Goods: These are goods used in production but not meant for final consumption. They are used as inputs in producing other goods.
Services Sector: This term refers specifically to industries that provide intangible services rather than tangible goods.
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