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3 Tutorials that teach Factor Markets
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Factor Markets

Factor Markets

Author: Catherine Barry
Description:

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.