The marketplace in which a final good or service is bought and sold. A product market does not include trading in raw or other intermediate materials, and instead focuses on finished goods purchased by consumers, businesses, the public sector and foreign buyers.
Regarding this, what is the product market in economics?
In economics, the product market is the marketplace in which final goods or services are offered for purchase by consumers, businesses, and the public sector. Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials.
What is meant by the market for a product?
Product marketing is a process of promoting and selling a product to a customer. Product market definition focuses on a narrow statement: the product type, customer needs (functional needs), customer type, and geographic area.
What is an example of a factor market?
In economics, a factor market refers to markets where services of the factors of production are bought and sold, such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources. Production is the transformation of inputs into final products.