0
What are the factors of production and their respective rewards for being used in the production process?
Wiki User
∙ 11y ago
FACTORS OF PRODUCTION
REWARD
EXAMPLE
Capital
Interest
Machinery, equipment, buildings
Entrepreneurship
Profit
Business owner, factory owner
Land
Rent
Mineral deposits, soil, timber, water, land itself
Labour
Salaries and Wages
Farmworkers, miners, artisans, technicians
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What do economists consider as basic resources or factors of production?
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). These factors, combined with management and economic risk taking, combine with other factors (specific to the industry) to produce output.
What are the rewards of the four factors of production?
The remuneration of the four factors of production; land, labour, capital and enterprise are respectively, rent, wages, interest and profit.
What are the rewards of factor of production?
land- rent labour- wages capital- interests organisation- profit
What are factor rewards?
A factor production is a productive resource. The four types are land, labor, capital and enterprise. Rewards for land are rent, for capital is interest, for labor is wages and enterprise is profit.
C-E-L-L in economics terms?
it stands for c= capital: man-made items used to produce goods and services to satisfy consumers needs and wants. eg. tool, machinery and factories. e= enterprise: the ability or skill of an entrepreneur of a business to coordinate the other factors of production (CELL) efficiently. l= labour: the people who are willing and able to participate in the production process in return for material rewards (wages). l= land: natural resources also includes MAFF; mining, agriculture, fishing and forestrys.
Factors of production and its rewards?
land labor capital entrepreneur
What do economists consider as basic resources or factors of production?
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). These factors, combined with management and economic risk taking, combine with other factors (specific to the industry) to produce output.
What are the rewards for the factors of production?
land- rent labour- wages capital- interests organisation- profit
What are factors of production and the their rewards?
Presenting Extension, your entryway to uncommon prizes! Express farewell to botched open doors - Extension is the main free rewards application that returns money to your pocket for your lease, no matter what your area or installment strategy. In addition, with the comfort of Zelle, dividing bills with your flat mate has never been simpler. Express welcome to problem free prizes with Scaffold sign up for free ---- //t.ly/1YFV-
What are the rewards of the four factors of production?
The remuneration of the four factors of production; land, labour, capital and enterprise are respectively, rent, wages, interest and profit.
What are Reinforcing factors?
There or not! ex: rewards, support, encouragment,
What are the financial rewards for each factor of production?
The Financial Reward is called Profit
Where can one find Chase credit card rewards?
Chase offers a wide variety of different credit cards that offer rewards as a benefit. A comprehensive listing of all of these cards and their respective benefits can be found on the official Chase website.
What are the rewards of factor of production?
land- rent labour- wages capital- interests organisation- profit
What are factor rewards?
A factor production is a productive resource. The four types are land, labor, capital and enterprise. Rewards for land are rent, for capital is interest, for labor is wages and enterprise is profit.
Why in production is principal actor is the enrepreneur?
The entrepreneur is the principal actor in production because they are responsible for creating and implementing the production plan. They are the ones who have the vision the knowledge and the resources to move the production forward. They are the ones who hire the personnel purchase the materials and manage the budget. They are also the ones who take the risk of starting the production and have the potential to reap the rewards of a successful venture. The entrepreneur is responsible for creating and implementing the production plan.They have the vision knowledge and resources to move the production forward.They hire personnel purchase materials and manage the budget.They take the risk of starting the production and have the potential to reap the rewards of a successful venture.
C-E-L-L in economics terms?
it stands for c= capital: man-made items used to produce goods and services to satisfy consumers needs and wants. eg. tool, machinery and factories. e= enterprise: the ability or skill of an entrepreneur of a business to coordinate the other factors of production (CELL) efficiently. l= labour: the people who are willing and able to participate in the production process in return for material rewards (wages). l= land: natural resources also includes MAFF; mining, agriculture, fishing and forestrys.
