The money payment made to owners of land and labour are

Assessment: WAEC SSCE - Economics - 1999 (Objective) Subject: Economics

Question 1 Report

The money payment made to owners of land and labour are
Answer Details
The money payment made to owners of land and labour are rent and wages. Rent is the payment made to the owner of land for the use of the land. Wages, on the other hand, is the payment made to labour for the use of their services in the production process. These two factors of production are compensated with these payments as they contribute to the production process of goods and services.
Read lesson note on Factors Of Production And Their Theories (JAMB)
Read lesson note on Factors Of Production (WAEC)
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