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Latest comment: 8 years ago1 comment1 person in discussion
"a factor market refers to markets where services of the factors of production (not the actual factors of production)[citation needed] are bought and sold"
What is the distinction between "factors of production" and "services of factors of production"? The next sentence clause does not help, as it seems to refer to markets trading simply in the factors themselves, not any "services of" the factors:
"such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources.
And then:
"Firms buy productive resources in return for making factor payments at factor prices."
Is this just an obfuscated way of saying "Firms buy productive resources (factors of production).. with money... at the prices set by the factor market."?
Here is a de-cluttering attempt, based on what little understanding I could wrestle from the jaws of the aforementioned literary monstrosities:
"a factor market is a market where the factors of production are traded. Examples are: the labor, capital, raw materials, and entrepreneurial markets."
114.30.110.21 (talk) 04:23, 27 January 2016 (UTC)Reply
