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In order to answer this question, what are factor payments for land, labor, and capital, we first have to understand what exactly factor payments are.
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Factor payments are what the firm pays for the use of the factors of production.
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So what are the factors of production? factors of production are anything that goes is a cost to the firm or anything that's an input used to produce the output.
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That's why they're called the factors of production.
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So here's the dictionary definition by the textbook.
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And the forms of factors or the factors of production possible.
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You have land, labor, capital, raw materials, and entrepreneurship.
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We're interested in these top three...