Market Factor Write For Us
Factor market is a term economists use for all the resources businesses use to buy, rent, or contract what they need to produce goods or services. These needs are the factors of production, which include raw materials, land, labor, and capital.
The factor market is also called the input market. According to this definition, all markets are either factor markets, where firms obtain the resources they need, or goods and services markets, where consumers make their purchases.
Process of a Factor Market
The combination of factor markets and the goods and services market forms a closed circuit for money flow. Households supply labor to companies that pay them wages, which they then use to purchase goods and services from companies.
The market for goods and services drives the market for factors. As consumers demand more goods and services, producers increase purchases of the resources used to produce those goods and services. Factor market producers, in turn, increase production of the raw materials producers need.
Free Markets in a Factor Economy
The factor market is one of the defining features of a market economy.
Traditional models of socialism remain characterized by replacing factor markets, which respond to supply and demand, with central economic planning that dictates supply and allocates resources accordingly.
Socialism assumes that market exchange within the production process is unnecessary when capital goods remain owned by a single entity that represents the interests of society as a whole.
Monopoly and Monopsony in Factor Market
A monopoly occurs when a single manufacturer or seller of a product or service serves many buyers. A monopsony is the opposite: there are many producers but only one buyer.
Both are considered examples of market failure. The law of supply and demand cannot work efficiently due to lack of competition.
It is particularly relevant for the labor component of the factor market. An employee has no bargaining power in a city with only one potential employer. Furthermore, with a brand, the consumer has no choice but to pay the asking price and accept the quality offered.
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