What are the four factors of production and what are the remunerations to each of these called?

The four factors of production are –

a) Land - It is the gift of nature and it is called natural, original or primary factor of production.

b) Labour - It is a person engaged in some physical work, it is called human factor of production.

c) Capital - It means wealth, money or income which is invested in business, it helps in production function.

d) Entrepreneur - It is the work of an entrepreneur to bring the required factors together and work harmoniously.

The remuneration paid to each of these factors are –

•Rent for land

•Wages and salaries for labour

•Interest for capital and

•Profit for entrepreneur