List the Five Main Factors of Production

question 50

Essay

List the five main factors of production.

---

Definitions:

Regressive

A term describing a tax system where the tax rate decreases as the taxable amount increases, disproportionately affecting those with lower incomes.

Payroll Tax

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff.

Federal Personal Income Tax

A tax levied by the federal government on the yearly income of individuals, with the rate applied varying according to the income level.

Progressive Taxes

A tax system in which the tax rate increases as the taxable amount increases, placing a higher tax burden on individuals with higher incomes.