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3 years ago

List and explain the four factors of production ,stating their reward.

Business

1 answer:

netineya [11]3 years ago

8 0

Answer:

Explanation:

Production in itself is the conversion of inputs to outputs.

Factors of production are the resources that make this conversion of input to outputs possible. These include;

Labour- is the physical and mental effort contributed. It is rewarded by wages or salaries.

Land - includes the soil itself, natural trees, raw materials like minerals and oil found underneath. Its reward is rent.

Capital - includes machinery, chemicals and equipment (tractors, robots). Its reward is interest.

Entrepreneurship- is the drive to develop an idea, take risks and use the other three factors of production to produce goods or services. Its reward is profit.

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List and explain the four factors of production ,stating their reward.​

List and explain the four factors of production ,stating their reward.