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Are firms primarily buyers or sellers in the goods and services market? In the labour market?...

Are firms primarily buyers or sellers in the goods and services market? In the labour market? What are the three ways that societies can organize themselves economically?

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Ans. In the goods and service market, firms are seller and household are buyers. As they sell goods and service to the household sector for the satisfaction of needs and firms earns revenues.

In the labour market, firms are buyer and household sector act as seller. As from the labour market, firms hires or appoints labour for the production of goods and services.

The ways in which society can organise as follows.

1. Traditionally

2. Command economy

3. Market - oriented economics.

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