Question

The exchange of factors of production for income occurs in the (blank) market.

Answer 1

The answer would be : Factor Market

In economic term , Factor market is a place where the exchange all factor of production such as Labor market, capital market, raw material market, and management market.

Answer 2

Answer;

Factor market.

The exchange of factors of production for income occurs in the factor market.

Step-by-step explanation;

A factor market is a marketplace for the services of a factor of production.

It facilitates the purchase and sale of services of factors of production, which are labor, capital, land and entrepreneurship that are used by a firm to make finished goods.