23. What are the four factors of production? Mention their rewards.
Ans: a) land = rent
b) labour = wages
c) capital = interest
d) entrepreneur = profit
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The four factors of production are :
(i) Land,
(ii) Labour
(iii) Capital
(v) Entrepreneur.
Their remuneration takes the form of
(i) Rent
(ii) Wages
(iii) Interest
(iv) Profit
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