SELECT * FROM question_mgmt as q WHERE id=5461 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=59 AND chapterId=603 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th macro-economics National Income Accounting what are the four factors of production and what a

Question:

What are the four factors of production and what are the remunerations to each of these called?

Answer:

The four factors of production are:

  1. Land – It denotes the natural resources like air, water, soil, etc. The payment that is paid by the firms to acquire these services is called rent.

  2. Labour – It refers to the physical and mental effort required to do a work. For example, engineer, manager, worker, etc. The payment made to the labour in exchange of his/her services are called wages.

  3. Capital – It refers to the monetary investments and physical and tangible investments like machinery, buildings, technology, tools, etc. which assists in the production process. The payment received in exchange of these services is called interest.

  4. Entrepreneur – It refers to the individual who undertakes the risk to organise the production process. Entrepreneurs are the risk takers and often are the innovators of new techniques. They receive profit in exchange for their entrepreneurship. The remunerations paid to the factors of productions are called factor payments or factor incomes. These are the aggregation of rent, wage, interest and profit.


< Previous Question

Next Question >

SELECT ex_no,question,question_no,id,chapter FROM question_mgmt as q WHERE courseId='3' AND subId='59' AND ex_no!=0 AND status=1 and id!=5461 ORDER BY views desc, last_viewed_on desc limit 0,10

  • Popular questions of class 12 Macro Economics

SELECT ex_no,question,question_no,id,chapter FROM question_mgmt as q WHERE courseId='3' AND subId='59' AND ex_no!=0 AND status=1 and id!=5461 ORDER BY last_viewed_on desc limit 0,10

  • Recently Viewed Questions of Class 12 Macro Economics

Comments

  • Answered by Ekta Mehta
  • 4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.

  • Answered by Ekta Mehta
  • 4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.

  • Answered by Ekta Mehta
  • 4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.

Comment(s) on this Question


NCERT Solutions

Quick Links

Resources

Support