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Factor Inputs and Factor Rewards
1.
2. Factors of Production (Factor Inputs)
Factors of production are the inputs available to supply goods and
services in an economy.
Land Labour
Enterprise Capital
Natural resources
available for
production
The human input
into the production
process
Goods used in the
supply of other
products e.g. tech
Entrepreneurs
organise factors of
production and
take risks
3. Factor Inputs and Factor Rewards
Factor rewards describe the incomes that flow to each of the main
factors of production when there are brought into productive use.
Land Labour
Enterprise Capital
Rental income to
owners of land
Wages and salaries
from employment
Profits
Interest from
savings + dividends
from shares