The services which are not paid for are known as
Free services
Economic services
Private services
Consumer services
Production of any good needs a set of factors of production materials or services that helps in production are called
factors of production
Distribution
land
capital
The factors of production which are responsible for the production that have to be paid when they are used is called
production
consumption
distribution
capital formation
Remuneration given for the use of capital is called
wages
interest
rent
Capital is the producer means of
The total market value of all goods and services produced in a country during a given period of time is
Percapita income
Net National Product
Gross National Product
National Income
The reward paid for enterpreneurial skills is
profits
Total Incomes received by four factors of production in an economic system during a given period of time is called
Per Capita Income
National Income at factor cost
NI = R+W+I+P where as NI stands for
Net Income
Nominal Income
Net National Income
Who get the final goods and services by paying price?
producers
consumers
enterpreneurs
intermediaries
