Arrange the following steps in the correct order to illustrate the relationship between product markets and factor markets: A. Firms demand factors of production in the factor market B. Workers supply labor to firms in the factor market C. Firms produce goods and services based on the factors acquired D. Consumers purchase goods and services in the product market

To understand the relationship between product markets and factor markets, we start with firms needing resources to produce their goods and services. First, firms demand factors of production like labor, land, and capital in the factor market. Then, workers supply their labor to these firms, providing the necessary input for production. After acquiring the factors, firms produce goods and services, which they then sell. Finally, consumers purchase these goods and services in the product market, completing the cycle.