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In economics, a factor market is a market where factors of production are bought and sold. Factor markets allocate factors of production, including land, labour and capital, and distribute income to the owners of productive resources, such as wages, rents, etc. [1] Firms buy productive resources in return for making factor payments at factor ...
The previously "free" market (as an "unconscious" mechanism for the distribution of goods) and "irrevocable" private property of Marx's epoch have gradually been replaced by the centralized state planning and socialized ownership of the means of production in contemporary Western societies. The dialectic through which Marx predicted the ...
This creates a constant need to maintain and expand market demand, and a growing world market for products and services. Competition between many different private enterprises exerts a strong compulsion to accumulate (invest) a large part of the surplus product to maintain and improve market position, rather than consume it. Failure to do so ...
Market size can be given in terms of the number of buyers and sellers in a particular market [61] or in terms of the total exchange of money in the market, generally annually (per year). When given in terms of money, market size is often termed "market value", but in a sense distinct from market value of individual products. For one and the ...
The transformation of a labor-product into a commodity (its "marketing") is in reality not a simple process, but has many technical and social preconditions. These often include the following ten (10) main ones: The existence of a reliable supply of a product, or at least a surplus or surplus product.
In fact, gross distortions between value added in production, and the distribution of products and incomes, might occur—for example, as a result of underdevelopment, imperialism, state intervention, unequal exchange, fictitious capital, credit bubbles, or capital gains from rising property values.
A very simple example would be if somebody sold a second-hand asset at a profit. This transaction is not recorded in gross product measures (after all, it isn't new production), nevertheless a surplus-value is obtained from it. Another example would be capital gains from property sales.
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...