Nigerian Scholars » Past Questions » Economics » If X represents the factors of production and Y represent the factor price, whic...

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 is correct?

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)

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.

More Past Questions:


Discussion (3)

  • Okunola

    D

    Reply
    Like
  • 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.

    Reply
    Like
  • Precious

    why d the answer

    Reply
    Like