Firms in resource markets, depicted in the circular flow diagram, receive b. factors of production.
Whereas, in the product market, firms receive revenue in exchange for their goods and services.
What is a resource market?
A resource market provides the opportunity for a business to purchase resources for the production of goods and services. Resource markets are not the product or financial markets. In product markets, businesses trade finished goods and services in exchange for revenue. In financial markets, businesses and individuals trade financial assets.
Thus, in the circular flow diagram, which depicts the continuous flow of resources and funds among individuals, firms, product markets, and resource markets, firms receive factors of production.
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