Define and identify the rewards for the four factors of production: land, labour, capital, and entrepreneurship.

Section A: Objective Questions 1. Refers to all natural used in production, not just soil or farms. This definition describes land as a factor of production, encompassing all natural resources. The correct option is (b) land. 2. The physical and mental efforts contributed by people to produce goods and services is known as. This is the definition of labour as a factor of production. The correct option is (b) labour. 3. The reward for land is called. The payment received for the use of land is rent. The correct option is (b) rent. 4. is the reward for labour. The compensation for labour is typically wages or salaries. The correct option is (b) wages or salaries. 5. refer to man-made resources used in production, such as machinery, tools e.t.c and money invested in business. These are examples of capital, which are man-made resources used to produce other goods and services. The correct option is (b) capital. 6. Identify the rewards for capital. The reward for providing capital (e.g., lending money for investment) is interest. The correct option is (c) interest. 7. is the ability to combine land, labour and capital to produce goods and services. The ability to organize and manage the other factors of production (land, labour, capital) is known as entrepreneurship. The correct option is (c) enterprenuership. 8. is the reward for entrepreneurship. The reward for an entrepreneur's risk-taking and innovation is profit. The correct option is (c) profit. 9. is any activity that a person engages in regularity contribution to society. An activity that a person regularly engages in, often for a living, and which contributes to society, is an occupation. The correct option is (c) occupation. 10. service occupation are those in which workers provide directly to clients or customers. When workers provide services directly to clients or customers, it is called a direct service. The correct option is (c) direct service. 11. is the quality of being sincere, open and free from lies or deceit in words, actions, and dealings with other. This describes sincerity, which involves being genuine and truthful in all interactions. The correct option is (c) sincerity. 12. Being open and genuine in dealings with customers, suppliers, and workers is known as. Being open and genuine in dealings aligns with sincerity. The correct option is (c) sincerity. 13. is the act of treating all customers equally and charging fair prices? Treating all customers equally and charging fair prices is a demonstration of fairness. The correct option is (d) fairness. 14. Delivering goods and services has agreed without unnecessary excuses is called. Delivering on agreements without excuses is an act of keeping promises. The correct option is (b) keeping promises.