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