Question

national income factors of production and rewards​

Answer 1

Answer:

When factors are used they earn a reward called a factor 'income'. Factor incomes are: rent, wages, interest and profit. In basic economic theory, the more scarce and essential the factor the greater the reward. Factors can be substituted when possible, and this affects the relative reward.

Explanation:

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Answer 2

Answer:

Factors of production are the resources people used to produce goods and services they are building blocks of the economy. Economists divide the factors of production into four categories, land, labour, capital and entrepreneurship.

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