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Economics: An A-Z Guide by Matthew Bishop

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F

Factor cost

A measure of OUTPUT reflecting the costs of the FACTORS OF PRODUCTION used, rather than market PRICES, which may differ because of INDIRECT TAX and SUBSIDY (see GDP).

Factors of production

The ingredients of economic activity: LAND, LABOUR, CAPITAL and ENTERPRISE.

Factory prices

The PRICES charged by producers to wholesalers and retailers. Because these prices are eventually passed on to the end customer, changes in factory prices, also known as producer prices, can be a LEADING INDICATOR of consumer price INFLATION.

Fair trade

Many politicians and NGOs argue that FREE TRADE is not enough; it should also be fair. On the face of it, fairness is self-evidently a good thing. However, fairness, in trade as in beauty, ...

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