Question

Please answer all in microsft word

1.      Resources: Land, Labor, Capital, Entrepreneurship

Answer 1

The resources Land, Labor, Capital, and Entrepreneurship are four factors of production of any goods and services.

The land is the part of the earth which is hired or purchased for the production of goods and services.

Labor is a variable factor which is used for the production of goods.

Capital is the amount of money which is used for the purchasing the capital goods like plant and machinery, labor and other inputs.

The entrepreneur is the individual who puts his money and he purchases with this money land, labor capital for the production of goods and services.

So Land gets rents for his contribution, labor is paid wages, capital receives interest on capital and Entrepreneur gets profits.