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Enter the factors of production and / or the payment for the factor in the appropriate spaces below: FACTOR CAPITAL PAYMENT RENT WAGES PROFIT / LOSS - Leaving Cert Economics - Question 1 - 2008

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Question 1

Enter-the-factors-of-production-and-/-or-the-payment-for-the-factor-in-the-appropriate-spaces-below:--FACTOR---CAPITAL--PAYMENT---RENT---WAGES---PROFIT-/-LOSS-Leaving Cert Economics-Question 1-2008.png

Enter the factors of production and / or the payment for the factor in the appropriate spaces below: FACTOR CAPITAL PAYMENT RENT WAGES PROFIT / LOSS

Worked Solution & Example Answer:Enter the factors of production and / or the payment for the factor in the appropriate spaces below: FACTOR CAPITAL PAYMENT RENT WAGES PROFIT / LOSS - Leaving Cert Economics - Question 1 - 2008

Step 1

Factor of Production: LAND

96%

114 rated

Answer

The payment for the factor of production 'Land' is 'Rent'.

Step 2

Factor of Production: LABOUR

99%

104 rated

Answer

The payment for the factor of production 'Labour' is 'Wages'.

Step 3

Factor of Production: CAPITAL

96%

101 rated

Answer

The payment for the factor of production 'Capital' is 'Interest'.

Step 4

Factor of Production: ENTERPRISE

98%

120 rated

Answer

The payment for the factor of production 'Enterprise' is 'Profit/Loss'.

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