Question

what are the 4 factor of production and what are the remuneration of each of these called​

Answer 1

In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function

Answer 2

Explanation:

The 4 factors of the production are :

1. Land: This is gift of nature and it is called original, natural or primary factor of the production.  

2. Labour: This is a person involved in some physical work, it is called human factor of the production.  

3. Capital: This means money, income or wealth which is invested in business, it helps in production function.  

4.  Entrepreneur: This is the work of an entrepreneur to bring the necessary factors together and work harmoniously.  

The remuneration paid to each of these factors is:  

1. Rent for land  

2. Wages and salaries for labour  

3. Interest for capital and  

4. Profit for entrepreneur

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