Land is linked to the factor payment of rent.

Factor Payment

Financial compensation given to the factors of production—namely labor, capital, and resources.

Rent

A payment made by a tenant to a landlord for the use of a property or space.

Identify and distinguish between the different factors of production and their associated payments.

Verified Answer

Laura HaderJul 10, 2024

Final Answer :

True

Explanation :

Land is considered one of the four main factors of production in economics, and the payment for using land is typically referred to as rent.

Learning Objectives

Identify and distinguish between the different factors of production and their associated payments.