Meaning of factor market | Babel Free

Definitions

The system or infrastructure for economic exchange within which factors of production (such as labor, materials, or capital) are purchased or sold.

Examples

“The instance of a few buyers and many sellers in the factor market with many buyers and sellers in the product market is typified by the classic cases of unorganized wage-earners in company towns, for instance, textile and coal.”

“In China, for instance, there is still the need to liberalize the factor market, especially in the land and labor market.”

“Fiji Commerce Commission chairman Dr Mahendra Reddy said . . . "They want no price control in the product market but they want price control in the factor market."”

CEFR level