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3 Tutorials that teach Factor Markets
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Factor Markets

Factor Markets

Author: Kate Eskra
Description:

This lesson will explain the economic idea of factor markets.

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Tutorial

Notes on "Factor Markets"

Terms to Know

Final Good

Products ultimately produced.

Intermediate Good

Products or services used to generate other goods.

Factors of production

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

Labor

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

Capital

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

Natural Resources

Organic material found in its natural habitat.

Land

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

Technology

Specialized production techniques.