Meaning of

Market
A regular gathering of people for the
purchase and sale of provisions,
livestock, and other commodities.
An area or arena in which commercial
dealings are conducted.
Factor Market
A factor market is a marketplace for
the services of a factor of production. A
factor market facilitates the purchase
and sale of services of factors of
production, which are inputs like
labor, capital, land and raw materials
that are used by a firm to make a
finished product. A factor market is
distinct from the goods and services
market, which is the market for
finished products or services.
 PRODUCT
MARKET
The marketplace in which a final good
or service is bought and sold. A
product market does not include
trading in raw or other intermediate
materials, and instead focuses on
finished goods purchased by
consumers, businesses, the public
sector and foreign buyers.