Quick question about economic terms

[J3anyus]

I've got an econ test tomorrow, and there's two terms I'm not really finding the definitions for. Could anyone give me good definitions for these?

Product Market
Resource Market

Thanks!

Jacob

 

[Orsorum]

What's the context? Micro econ, macro econ, etc etc?

 

[Orsorum]

Do you want a mathematical explanation, or just a definition?

 

[J3anyus]

Just a definition. There isn't really any context, just "know what these terms mean for your test".

 

[Orsorum]

Originally posted by: J3anyus
Just a definition. There isn't really any context, just "know what these terms mean for your test".

Well, I would say that it corresponds to some sort of function for demand (product market) and supply (resource market).

 

[DaveCSparty]

Product Market is the market in which goods are exchanged, that is Investment and Savings, also the real interest rate.
Resource Market is the "money market" with regards to money supply, money demand, and the real interest rate.

 

[LordJezo]

Originally posted by: DaveCSparty
Product Market is the market in which goods are exchanged, that is Investment and Savings, also the real interest rate.
Resource Market is the "money market" with regards to money supply, money demand, and the real interest rate.

Yeah, but it also has other meanings too from what I have learnt over my years at college..

The product market is pretty much what you said but the resource market can also include things just as the demand for labor.. the labor market so to speak.

 

[DaveCSparty]

nope, the resource market is the "money market" but also include NONmoney resources such as stocks and bonds.

The labor market is the relationship between labor demand, labor supply, and the nominal wage(not real wage)