Difference between a firm, a market and factor payments

Firm is the producer of goods and service, markets is the place where goods and services are sold or bought and factors are input in an organization used to produce goods and services.

Explanation:

A firm is an organization that sell goods and services in a market while market is a place where goods and services are sold.

Factor are the essential input used for producing good and service by an organization. These factors are labour, capital and land

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