Question

What are different means of production and the rewards given to them?

Hint:

The factors of production each have a specific reward: Rent for land, Wages for labor, Interest for capital, and Profit for entrepreneurship.

Answer 1

Step 1: Define means of production.
The means of production are the resources and tools required to produce goods and services. These include land, labor, capital, and entrepreneurship.
Step 2: Rewards for each factor of production.
- **Land:** The reward for land is rent, paid for the use of land or natural resources. - **Labor:** The reward for labor is wages or salaries, paid for the work performed by individuals. - **Capital:** The reward for capital is interest, earned on money or assets invested in businesses. - **Entrepreneurship:** The reward for entrepreneurship is profit, earned from organizing and managing production.
Step 3: Conclusion.
Thus, the means of production are land, labor, capital, and entrepreneurship, and their rewards are rent, wages, interest, and profit, respectively. Final Answer: \[ \boxed{\text{The rewards for production factors are: Rent for land, Wages for labor, Interest for capital, and Profit for entrepreneurship.}} \]