3.Shabana paid wages to workers in her factory and interest in her bank loan. Q.3 Identify and explain the concept from the given illustration:

Balbharati solutions for Economics HSC 12th Standard Maharashtra State Board 

 

Chapter 1 - Introduction to Micro and Macro Economics [Latest edition]

Q.3 Identify and explain the concept from the given illustration:

3. Shabana paid wages to workers in her factory and interest in her bank loan.

Sol : -Concept: Theory of factor pricing

explanation:

In macroeconomics land, labour, capital, entrepreneur are the factors that contribute to the production process, micro economics helps in determining the factors rewards for land, labour, capital and entrepreneur in the form of rent, wages, interest, and profit respectively.