The market which exchanges consumer goods is defined as the goods and services market
The market which exchanges land, labour and capital is defined as the factor market

• Households demand goods and services and firms demand factors of production
• Firms supply goods and services for consumption and households supply factors of
  production
• Demand for factors of production exists, is due to the demand for goods and services
• There is a derived demand for factors of production while there is a direct demand for
  consumer goods
• Demand for goods and services for consumption depends on their marginal utility and
  the demand for factors of production depends on the marginal productivity of these
  factors.
• Factor earning will be determined by factor prices and the amount of factors exchanged
  factor market.
• Factor earnings consist of transfer earnings and economic rent.
• The minimum income expected by a particular factor remaining in current use is identified
  as transfer payments.
• Any earnings above transfer payments is the economic rent.
• Demand for factors of production exists, due to the demand for goods and services