00:01
Okay, in this question we're asked, the circular photo diagram illustrates that in markets for the factors of production, right? we have all these choices.
00:10
So if you look at it right here, this is our circular flow diagram right here.
00:16
It shows you two different markets, right? the factor market and the product market, right? and it shows the two buyers, businesses and the two actors, i'm sorry.
00:26
In the product market, it's pretty simple, right? it's where firms sell products, right? so you got to target, they sell, you know, toys like that.
00:34
And the buyers are the households.
00:36
They're us, right? families go to target and buy toys.
00:40
So the target would be the one selling, and households would be the one buying in the product market.
00:46
In this question, however, we're asked about the markets for the factors of production...