Identify the Four Factors of Production,and Tell What Type of Income

question 95

Essay

Identify the four factors of production,and tell what type of income is earned by each factor.

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Definitions:

External Locus

Refers to the belief that outside forces, rather than personal actions, control one's life circumstances.

Locus of Control

A psychological concept that refers to individuals’ beliefs about the extent to which their actions influence the rewards and consequences they experience.

Stable Worldview

A consistent and unchanging perspective or set of beliefs about the world and one's place within it.

Physical Health

A state of physical well-being in which a person is physically able to perform daily activities without restrictions or limitations.