Refer to the diagram and explain the difference between a factor market and a product market

In a factor market the household provides land, capital and labor to firms in exchange for payments that come in the form of salaries, rent, or profits. In a product market the household income is used to purchase goods or services that are provided by firms.

Explanation:

The primary difference between product markets and factor markets is that factors of production like labor and capital are part of factor markets and product markets are markets for goods. ... Anything used in making a finished product—labor, raw materials, capital, and land—make up a factor market.

“the iliad” (gr: “iliás”) is an epic poem by the ancient greek poet homer, which recounts some of the significant events of the final weeks of the trojan war and the greek siege of the city of troy (which was also known as ilion, ilios or ilium in ancient times).

the correct answers are 1, 2 5, 6