The reward for land as a factor of production is

Assessment: WAEC SSCE - Economics - 2004 (Objective) Subject: Economics

Question 1 Report

The reward for land as a factor of production is
Answer Details
The reward for land as a factor of production is rent. Rent is the payment made for the use of land. Land as a factor of production is a natural resource, and its supply is considered fixed. Therefore, its rent is determined by the demand for its use. As the demand for land increases, its rent also increases. This is because land is a limited resource and its use for one purpose often means it cannot be used for another. The payment of rent for land is one of the primary ways in which landowners earn income.
Read lesson note on Factors Of Production And Their Theories (JAMB)
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