To earn income, people sell the services of the factors of production they own.Land earns and labour earns .

Name: To earn income, people sell the services of the factors of production they own.Land earns and labour earns .
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Question

Quizplus · Accepted Answer

Land earns rent and labour earns wages. Profit and interest are not earned by the factors of production themselves, but are earned by the owners of businesses or financial assets. Minimum wage is a government-mandated wage floor set for certain workers, not a factor of production.

To Earn Income, People Sell the Services of the Factors