ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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wages
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interest
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rent
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profit
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Detailed explanation-1: -They include land, labour, capital, and entrepreneurship. The income earned from the factors of production are called factors of payment, which come in the form of rent for land, wages for labour, interest for capital, and profit for entrepreneurship.
Detailed explanation-2: -Answer and Explanation: Profit is the payment for the factor of production entrepreneurship.
Detailed explanation-3: -FACTOR PAYMENTS: Wage, interest, rent, and profit payments for the services of scarce resources, or the factors of production (labor, capital, land, and entrepreneurship), in return for productive services. Factor payments are frequently categorized according to the services of the productive resource.
Detailed explanation-4: -Land, labor, and capital. Land, labor, and capital are some of the important factors of production in the production process of a good. The factor payments for land, labor, and capital. The factor payment to land is made in the form of rents per acre of land.