If X represents the factors of production and Y represent the factor price, whic...
Question
If X represents the factors of production and Y represent the factor price, which of the following sets of association iscorrect?
Options
A)
(land, rent) (capital, wage), (labour, profit)
B)
(land, interest) (capital,profit), (labour, wage)
C)
(land, wage), (capital, interest), (labour, rent)
D)
(land,rent), (capital, interest), (labour, wage)
Related Lesson: Land as a Factor of Production | Factors of Production
The correct answer is D.
Explanation:
Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. They include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurship. These production factors are also known as management, machines, materials and labor, and knowledge has recently been talked about as a potential new factor of production.
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Discussion (14)
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D is the correct answer
The answer is D
D is the answer
the answer is D
The questions based on the reward of the factors of production
D is the correct answer..... The reward for land is rent,. The reward for capital is interest while the reward for labour is wages and salaries
I'm confused about the question
How?.
D is the answer
Actually the question 1 somehow confusing because land, capital, labor are factors of production and wage and salaries are the rewards. I don't really known specific answer
Well it seems you are confused with the question, but you don't have to be,just like you said land, labor, capital plus entrepreneur are factors of production, wages and salaries are the rewards,but they are only for labor as a factor of production.
The reward for capital is interest, land is rent,and entrepreneurship is profit. hope this clarifies the doubt, but I recommend you go through the topic again for further clarity.
D
Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. They include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurship. These production factors are also known as management, machines, materials and labor, and knowledge has recently been talked about as a potential new factor of production.
why d the answer
cause they are factors of producion and their rewards are rent interest and wages