Business, 01.09.2021 07:50 kashbaby

As an owner of a factor of production you should expect to be rewarded if it was used in the production process. RENT: the periodic payments made to the owners of assets for the use of their as a factor of production or for consumption.

INTEREST: Those who invest in should be rewarded with interest.

This can also be applied to individuals; if you have $1,000 at your disposal you can either spend it (consume) or save it and receive interest on the money from a bank.

PROFIT: the “reward” for for organising productive activity, for innovating new products and for risk taking.

WAGES: The payment made to an employee for the use of his or her as a factor of production.

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As an owner of a factor of production you should expect to be rewarded if it was used in the product...

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