Question

Mention the reward for capital, land, enterprise and labour in the order stated. *

Answer 1

Answer:

CAPITAL-Interest is the reward of capital. A moneylender or a capital owner receives interest on the amount of capital contributed by him in the production. 5. An entrepreneur organises the production process by hiring all the services of all the factors to produce the output.

LAND-The reward for land is rent as landowners rent the land out to producers across the economy. Capital represents the goods which are used in the production process to help produce the final product.

ENTERPRISE-The reward for capital is interest. 'Enterprise - the risk-taking role of business owners undertaken in the pursuit of profit. Can be considered as a specialised form of labour. The reward for enterprise is profit.

LABOUR-Human efforts done mentally or physically with the aim of earning income is known as labour. Thus, labour is a physical or mental effort of human being in the process of production. The compensation given to labourers in return for their productive work is called wages (or compensation of employees).

Explanation:

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