If Jim buys a lunch at a restaurant,he has bought a factor of production in the factor market.

Factor Of Production

An input used in the creation of a good or service; these include labor, capital, land, and entrepreneurship.

Factor Market

The factor market is where services of the factors of production (such as labor, land, and capital) are bought and sold.

Lunch

A meal typically eaten in the middle of the day, between breakfast and dinner.