In your own words, what is a factor market?

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04-08-2024
Business

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In your own words, what is a factor market?

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-04T05:07:39-04:00

Final answer:

Factor markets involve the buying and selling of productive resources like land, labor, capital, and entrepreneurs, influencing factor payments in the economy.

Explanation:

Factor markets are where productive resources like land, labor, capital, and entrepreneurs are bought and sold. Workers sell their labor, businesses buy or rent land, and banks provide capital. These markets determine factor payments such as wages and interest, playing a crucial role in the economy.

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