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Question: In your words Explain what factor market is in economics and provide a real world example
A factor market is an economic market in which the suppliers and demanders of production factors exchange resources used in the production of goods and services. These factors of production include land, labor, and capital, with entrepreneurs acting as the intermediaries between these factor suppliers and demanders. A real world example is the labor market, which is the factor market for labor. The labor market is where workers and employers interact in order to exchange labor for wages.
Jan. 11, 2023, 1:01 p.m.
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