Question

How is the income level an important factor in the market​

Answer 1

Answer:

KEY TAKEAWAYS:-

• Factor income is income received from the factors of production: the resources used to produce goods or services.

• Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is called profit.

• Factor income is most commonly used in macroeconomic analysis, helping governments to determine the difference between gross domestic product (GDP) and gross national product (GNP).

• It can also be used to expose disparities in income distribution.

Explanation:

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