00:01
Hi, so the factor distribution of income describes the relationship between, all right, so let's just look at what factor distribution of income even means.
00:10
So a factor distribution income.
00:12
Factor income is income derived from selling the services of factors of production.
00:17
So the income derived.
00:18
All right, so that means what we sell from factors of production.
00:21
Income distribution is how a nation's total economy is distributed amongst this population.
00:27
So that's more about like how the income is distributed after being sold after we sell stuff basically.
00:36
So what that means is it's about factor ownership, like actually the ownership of like how many people are in the population to even get the distribution.
00:54
So in order to be part of the distribution, you have to be kind of part of the ownership, like being a citizen's part of the ownership.
00:59
And it is about total income.
01:01
So it's basically how much money did you make from selling stuff and how many people do you have to kind of divide it up? really, that's my take on this.
01:11
All right, b, the factor market and factor prices.
01:14
Playing a central role in the, okay, so factor market and factor prices.
01:19
So these are the price at which the companies or individuals purchase resources from a, the factor market is known as a factor prices.
01:27
Factors are different.
01:30
So what a factor market is is all the resources that a business is used to purchase rent, hire, what they need in order to produce goods and services.
01:37
So this is about the factor market is the money that companies use to make stuff, really.
01:49
So what we got.
01:50
Played an essential part in the allocation of income.
01:53
Not income.
01:54
It's not about money they make.
01:55
Allocation of resources.
01:56
You can say resources.
01:57
It's possible.
02:00
Distribution of goods, services.
02:03
Now it's not about distribution...