The four factors of productions are
1. Land: It is a free gift of nature and it is called as a natural, original or primary factor of production.
See Also4 Factors of Production Explained With ExamplesFactors of ProductionBasic Problems Of An Economy: Explanations and Examples 2. Labour: Person or people engaged in some physical work form the labour force which is a factor of production.
3. Capital: It means wealth, money or income which is invested in a business to boost production.
4. Entrepreneur: It is the work of an entrepreneur to bring the required factors together and make them work harmoniously.
The remuneration to them are as follows:
1. Land: Rent is a reward for the use of land.
2. Labour: Wages are the reward for labour.
3. Capital: Interest is the reward for capital.
4. Entrepreneur: Profit is the reward for an entrepreneur.
The four factors of productions are
1. Land: It is a free gift of nature and it is called as a natural, original or primary factor of production.
See Also
4 Factors of Production Explained With ExamplesFactors of ProductionBasic Problems Of An Economy: Explanations and Examples2. Labour: Person or people engaged in some physical work form the labour force which is a factor of production.
3. Capital: It means wealth, money or income which is invested in a business to boost production.
4. Entrepreneur: It is the work of an entrepreneur to bring the required factors together and make them work harmoniously.
The remuneration to them are as follows:
1. Land: Rent is a reward for the use of land.
2. Labour: Wages are the reward for labour.
3. Capital: Interest is the reward for capital.
4. Entrepreneur: Profit is the reward for an entrepreneur.
