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
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
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
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The payment for the factor of production 'Land' is 'Rent'.
Step 2
Factor of Production: LABOUR
99%
104 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The payment for the factor of production 'Labour' is 'Wages'.
Step 3
Factor of Production: CAPITAL
96%
101 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The payment for the factor of production 'Capital' is 'Interest'.
Step 4
Factor of Production: ENTERPRISE
98%
120 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The payment for the factor of production 'Enterprise' is 'Profit/Loss'.
Join the Leaving Cert students using SimpleStudy...