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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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MARKET EQUILIBRIUM The state of equilibrium that exists when the opposing market forces of demand and supply achieve a balance with no inherent tendency for change. Once achieved, a market equilibrium persists unless or until it is disrupted by an outside force, especially the demand and supply determinants. A market equilibrium is indicated by equilibrium price and equilibrium quantity.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The average length of a "business lunch" is about 36 minutes.
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"Do not stop thinking of life as an adventure. You have no security unless you can live bravely, excitingly, imaginatively, unless you can choose a challenge instead of a competence. " -- Eleanor Roosevelt, first lady
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SMSA
Standard Metropolitan Statistical Area
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