How the market works: resource allocation 0.0 / 5 ? Economics3.1.2 resource allocation GCSEAQA Created by: niah earlCreated on: 06-01-19 14:59 where buyers and seller interact to exchange goods/ service for a given price markets 1 of 10 a market for the exchange of factors of production factor market 2 of 10 a market for the exchange of finished goods/ services product market 3 of 10 sector of jobs involving the extraction of raw materials eg. agriculture primary sector 4 of 10 sector of jobs involving the manufacturing of goods/ services eg. factory worker secondary sector 5 of 10 a sector of jobs that involve providing a service tertiary sector 6 of 10 a tangible product available for consumers to purchase good 7 of 10 something non-tangible that can be done for a consumer in exchange for a price services 8 of 10 when workers develop expertise in a particular subject/ skill in order to improve the quality and/ or efficiency specialisation 9 of 10 when particular tasks are assigned to different workers to improve productivity division of labour 10 of 10
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