what is a factor market
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In economics, a factor market is a market where factors of production are bought and sold. Firms buy productive resources in return for making factor payments at factor prices. The interaction between product and factor markets involves the principle of derived demand.
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A factor market is a market in which companies buy the factors of production or the resources they need to produce their goods and services. Companies buy these productive resources in return for making payments at factor prices. This market is also referred to as the input market.
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