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FACTOR MARKET: A market used to exchange the services of a factor of production: labor, capital, land , and entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT the factors themselves. For example, the labor services of workers are exchanged through factor markets NOT the actual workers. Buying and selling the actual workers is not only slavery (which is illegal) it's also the type of exchange that would take place through product markets, not factor markets. More realistically, capital and land are two resources than can be and are legally exchanged through product markets. The services of these resources, however, are exchanged through factor markets. The value of the services exchanged through factor markets each year is measured as national income.
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SLOPE, PRODUCTION POSSIBILITIES CURVE The numerical value of the slope of the production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is the opportunity cost of producing the good measured on the horizontal axis.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for jovial bank tellers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"If football taught me anything about business, it is that you win the game one play at a time." -- Fran Tarkenton, Football Player
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