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What are factor incomes?

Asked by Topperlearning User 15th April 2016, 2:30 PM
Answered by Expert
Answer:

Factor incomes are those income earned by an individual as reward for rendering the factor services. These factor incomes are only earned incomes such as wage or salary for labour, rent for land, interest for capital or profit for entrepreneurship. It does not include any income which is not earned or not rendered factor services. For example, old age pensions received by the senior citizens are not their earned income.

Answered by Expert 15th April 2016, 4:30 PM
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