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3 October, 20:16

List and explain the four factors of production, stating their reward.

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  1. 3 October, 21:14
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    Production in itself is the conversion of inputs to outputs.

    Factors of production are the resources that make this conversion of input to outputs possible. These include;

    Labour - is the physical and mental effort contributed. It is rewarded by wages or salaries.

    Land - includes the soil itself, natural trees, raw materials like minerals and oil found underneath. Its reward is rent.

    Capital - includes machinery, chemicals and equipment (tractors, robots). Its reward is interest.

    Entrepreneurship - is the drive to develop an idea, take risks and use the other three factors of production to produce goods or services. Its reward is profit.
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