Economics GCSE
Factor market
What Factor market means in Economics GCSE, as defined for AQA.
Definitions of Factor market
Exam boards and our study guides word this term in slightly different ways. Learn the version your board uses.
Check what you remember
Read the wording for your board, then hide it and explain Factor market in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
A marketplace where the services of the factors of production (land, labour, capital, and enterprise) are bought and sold, with businesses as the buyers and households as the sellers.
The marketplace where the factors of production—land, labour, capital, and enterprise—are exchanged, with households typically the sellers and businesses the buyers.
Topics that use Factor market
- Markets and allocation of resources (AQA GCSE)
Related terms
- Circular flow of income
- Efficiency and resource allocation
- Factors of production
- Market
- Market economies
- Market forces
- Price determination
- Product market
Using Factor market in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
Practise Economics questions
Create a free account to answer exam-style questions on this topic and get feedback on your answers.
Start free
All Economics GCSE termsA week of Premium from your first lesson · Then the free plan continues · No card, no charge