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SingaporeEconomicsQuick questions
Scarcity, Choice and Resource Allocation
Quick questions on Factors of production explained: O-Level Economics
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is land?Show answer
Land is the gift of nature. Examples are the soil a farmer plants in, the iron ore a miner digs up, and the sea a fishing firm fishes. The reward earned by land is rent.
What is labour?Show answer
The quality of labour can be raised by education, training and better health, which is called investment in human capital. The reward earned by labour is wages (or salaries).
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