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Complete the following statement: Land is a factor of production and is defined as anything supplied by _______ which helps in the production of _______ and services - Leaving Cert Economics - Question 1 - 2016

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Complete-the-following-statement:--Land-is-a-factor-of-production-and-is-defined-as-anything-supplied-by-_______-which-helps-in-the-production-of-_______-and-services-Leaving Cert Economics-Question 1-2016.png

Complete the following statement: Land is a factor of production and is defined as anything supplied by _______ which helps in the production of _______ and service... show full transcript

Worked Solution & Example Answer:Complete the following statement: Land is a factor of production and is defined as anything supplied by _______ which helps in the production of _______ and services - Leaving Cert Economics - Question 1 - 2016

Step 1

supplied by _______

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Answer

Land is a factor of production and is defined as anything supplied by NATURE.

Step 2

production of _______

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Answer

This helps in the production of GOODS and services.

Step 3

The payment for land is called _______.

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101 rated

Answer

The payment for land is called RENT.

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