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Factor markets are markets for inputs into the workforce, such as labor markets, land markets, and capital markets. They represent items that are factors in the growth of business. Product markets are the the outputs produced by markets such as goods and services.
Product markets are where goods and services are bought and sold, involving transactions between consumers and producers. In contrast, factor markets are where factors of production—such as labor, capital, and land—are exchanged, typically involving businesses seeking resources to produce their goods and services. Essentially, product markets focus on end products, while factor markets concentrate on the inputs required for production.
Factor Market: Market where factors of production are traded for $$$ (Land, Labor, Capital, Entrepreneurship) AMD (:p lol) AND Product Market: Where final products from businesses or firms are sold by means of factors of production (i.e. target, best buy, etc.)
The pricing of a product is a key factor in determining demand for the product. For instance, if something is priced too high, demand will decrease. If an item is priced lower than competitors, all other factors being equal, then demand for the product will increase.
A factor multiplies with another factor to create a product.
Factor
A product.
A product.
product
It multiples with another factor and creates a product.
driving factor technology culture market needs product development cost Transportation and communication world economic trends(free market) management vision
A product
product
A factor is a number that you multiply by another number to get a product, which is the answer to a multiplication problem.
A partial product.
Factors are divisors. A factor times a factor will equal a product.