Answer :

The four factors of production are –

a) Land - It is the gift of nature and it is called natural, original or primary factor of production.


b) Labour - It is a person engaged in some physical work, it is called human factor of production.


c) Capital - It means wealth, money or income which is invested in business, it helps in production function.


d) Entrepreneur - It is the work of an entrepreneur to bring the required factors together and work harmoniously.


The remuneration paid to each of these factors are –


Rent for land


Wages and salaries for labour


Interest for capital and


Profit for entrepreneur


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