factor market

Definition

A marketplace where factors of production such as labor, capital, and resources are purchased and sold.

Use factor market in a sentence

We went to the factor market because we needed to purchase some labor and some other stuff for our business.

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The factor market made the factors of production available for all to consider for purchasing or planning as it operated transparently.

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My boss is an expert on purchasing machinery and raw inputs and spends most of his time focusing his analysis on the factor market for our company.

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factor income marginal revenue product