3 Tutorials that teach Factor Markets
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Factor Markets

Factor Markets

Author: Justin Tapp

This lesson will explain the economic idea of factor markets.

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Terms to Know
  • Capital

    Material assets in the form of money or machinery used as a factor of production.

  • Factors of Production

    Resources defined as land, labor, and capital that are necessary to produce output.

  • Final Goods

    Products ultimately produced.

  • Intermediate Goods

    Products or services used to generate other goods.

  • Labor

    Human service that contributes to the creation or distribution of goods or services.

  • Land

    A factor of production that occurs naturally in the form of real estate or organic assets.

  • Natural Resources

    Organic material found in its natural habitat.

  • Technology

    Specialized production techniques.