Asked by Sarah Gascon on Jul 07, 2024
Verified
Land is linked to the factor payment of rent.
Factor Payment
Financial compensation given to the factors of production—namely labor, capital, and resources.
Rent
A payment made by a tenant to a landlord for the use of a property or space.
- Identify and distinguish between the different factors of production and their associated payments.
Verified Answer
LH
Laura HaderJul 10, 2024
Final Answer :
True
Explanation :
Land is considered one of the four main factors of production in economics, and the payment for using land is typically referred to as rent.
Learning Objectives
- Identify and distinguish between the different factors of production and their associated payments.
Related questions
When Farmers Rent Land in Order to Increase Crop Production,they ...
Capital Usually Includes Entrepreneurs and Human Resources
In the Circular-Flow Diagram, Factors of Production Include Land, Labor ...
Restaurants' Demand for Cooks and Waiters Is Inseparably Linked to ...
What Are the Three Most Important Factors of Production