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factor market




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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