The reward of land as a factor of production is known as?

Assessment: WAEC SSCE - Commerce - 1991 (Objective) Subject: Commerce

Question 1 Report

The reward of land as a factor of production is known as?
Answer Details
The reward of land as a factor of production is known as "rent." When someone owns land, they can earn rent by allowing others to use it in exchange for payment. This payment can be in the form of money or other goods and services. Rent is a form of income for landowners, and it is based on the market value of the land and the demand for its use. The more valuable and in-demand the land, the higher the rent that can be charged.
Read lesson note on Production (WAEC)
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