factor market

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factor market (plural factor markets)

  1. (economics) The system or infrastructure for economic exchange within which factors of production (such as labor, materials, or capital) are purchased or sold.
    • 1942, John T. Dunlop and Benjamin Higgins, "“Bargaining Power” and Market Structures," Journal of Political Economy, vol. 50, no. 1 (Feb.), p. 24:
      The instance of a few buyers and many sellers in the factor market with many buyers and sellers in the product market is typified by the classic cases of unorganized wage-earners in company towns, for instance, textile and coal.
    • 2010 January 13, Maria Monica Wihardja, "G20 and East Asia: A forum for the Asian agenda," Jakarta Post (retrieved 25 Jan 2013):
      In China, for instance, there is still the need to liberalize the factor market, especially in the land and labor market.
    • 2011 June 6, Mary Rauto, "Price control to remain," Fiji Times (retrieved 25 Jan 2013):
      Fiji Commerce Commission chairman Dr Mahendra Reddy said . . . "They want no price control in the product market but they want price control in the factor market."

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