1. Define the different market arenas (labor market, goods and services market, and money market) and link them to the four macroeconomics components (households, firms, government, and outsiders).

2. For each market, explain which component is a buyer or a seller. (For instance: in the labor market, households are sellers. Whereas firms, the government, and outsiders are buyers, because households sell their know-how and skills to all of them.)

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Market Arenas and their Players 1 Goods and Services Market What it is This arena facilitates the ex... View the full answer