Q. 14.3( 18 Votes )
What are th
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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