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
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Answer
The payment for the factor of production 'Land' is 'Rent'.
Step 2
Factor of Production: LABOUR
99%
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Answer
The payment for the factor of production 'Labour' is 'Wages'.
Step 3
Factor of Production: CAPITAL
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Answer
The payment for the factor of production 'Capital' is 'Interest'.
Step 4
Factor of Production: ENTERPRISE
98%
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Answer
The payment for the factor of production 'Enterprise' is 'Profit/Loss'.
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