Question

The payments for land , labor , capital and entrepreneurial ability respectively are

Answer 1

The correct answer would be, Rent, Wages, Interest and Profits.

The payments for land, labor, capital and entrepreneurial ability respectively are Rent, Wages, Interest and Profits.

Explanation:

An organization works by either manufacturing some product or providing services to the people. Many resources are involved in the provision of manufacturing or services. Lots of departments work together to get the work done.

• Resources like Land or Building, Labors, Workforce, Capital, Equipment, Human Resource, etc are needed during the whole process. So certain amount of money, called as payments are required to drag the process smoothly.
• If the company uses land, or building, A Rent amount must be paid.
• If the company uses Labor, Wage is given to them.
• If the company uses Capital, An Interest is paid for using it.
• If the company uses Entrepreneurial Abilities of personnel, Profits of the company are shared with them.

This is how the payments are made.

Learn more about the Factors of Production at:

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