factor payments

definition: Income that people receive in exchange for supplying the factors of production

everyday examples

▪ In N Out pays for the beef and potatoes (land) ▪ Companies pay for their machine operators (labor) ▪ Purchasing the tables from the manufacturers (capital)

navigation

Chapter 1 ▪ unit 1 ▪️ unit 2 ▪ unit 3 ▪ home