________ Is/are the Payment for the Factor of Production ________

question 12

Multiple Choice

________ is/are the payment for the factor of production ________.

• A)Wages; capital
• B)Interest; labour
• C)Profit; entrepreneurship
• D)Rent; capital

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Definitions:

Insurance Policies

Contracts between an insurer and a policyholder that outline the terms and conditions under which the insurer agrees to pay compensation for specified losses, damages, illness, or death in return for premiums paid by the policyholder.

Independent Contractor

An individual or entity contracted to perform work for or provide services to another entity as a non-employee.

Employee

An individual who performs work under the direction and control of an employer in exchange for compensation.

Reasonable Skill

The level of competence that one can expect from a person with the standard abilities and knowledge in a particular field.