(i) Land refers to all resources provided by nature used in production while labour refers to human efforts in production.
(ii) Land supply cannot be increased while labour is both geographically and occupationally mobile.
(iii) Land's productivity reduces with constant use hence reducing in quality while labour is increased through growth of population.
(iv) Land produces raw materials for production while labour provides services in production.
(v) Land's quality may be improved through adding fertilizer and manure while quality of labour may be improved through training.
(vi) Rewards for land are in form of rent, rates and lease rewards for labour are in form of salaries, wages, commissions and royalties.
maurice.mutuku answered the question on July 22, 2017 at 09:35
-
What circumstances make it necessary for insurance companies to re-insure?
(Solved)
Give circumstances that make it necessary for insurance companies to re-insure.
Date posted:
July 22, 2017
.
Answers (1)
-
What challenges may be experienced by a new entrepreneur who is intending to start a business in Kenya?
(Solved)
List the challenges that may be experienced by a new entrepreneur who is intending to start a business in Kenya.
Date posted:
July 22, 2017
.
Answers (1)
-
What channels can be used to distribute locally manufactured goods?
(Solved)
Give channels that can be used to distribute locally manufactured goods.
Date posted:
July 22, 2017
.
Answers (1)
-
What are the emerging issues in office management?
(Solved)
List the emerging issues in office management.
Date posted:
July 22, 2017
.
Answers (1)
-
What are the advantages of pipeline transport to the country?
(Solved)
List the advantages of pipeline transport to the country.
Date posted:
July 22, 2017
.
Answers (1)
-
What are the advantages of using celebrities in product promotion?
(Solved)
List the advantages of using celebrities in product promotion.
Date posted:
July 22, 2017
.
Answers (1)
-
What are the leakages in a circular flow of income?
(Solved)
Give the leakages in a circular flow of income.
Date posted:
July 22, 2017
.
Answers (1)
-
In what ways can a legal-political environment impact negatively on entrepreneurs?
(Solved)
Give ways in which a legal-political environment can impact negatively on entrepreneurs.
Date posted:
July 22, 2017
.
Answers (1)
-
What are the advantages of indirect tax?
(Solved)
List the advantages of indirect tax.
Date posted:
July 22, 2017
.
Answers (1)
-
What is the difference between Double and co-insurance?
(Solved)
Explain the difference between Double and co-insurance.
Date posted:
July 21, 2017
.
Answers (1)
-
Under what circumstances can a trader issue a credit note to a customer?
(Solved)
List circumstances under which a trader can issue a credit note to a customer.
Date posted:
July 21, 2017
.
Answers (1)
-
In what ways can one convey verbal communication?
(Solved)
Give ways through which one can convey verbal communication.
Date posted:
July 21, 2017
.
Answers (1)
-
In what ways can entrepreneurs observe ethics in the management of their business?
(Solved)
Give ways in which entrepreneurs can observe ethics in the management of their business.
Date posted:
July 21, 2017
.
Answers (1)
-
What factors must a firm take into account when deciding on the product(s) to produce?
(Solved)
Give factors that a firm must take into account when deciding on the product(s) to produce.
Date posted:
July 21, 2017
.
Answers (1)
-
What are the requirements for one to start a limited liability company as one of the forms of business units?
(Solved)
List the requirements for one to start a limited liability company as one of the forms of business units.
Date posted:
July 21, 2017
.
Answers (1)
-
Why is food an important basic need?
(Solved)
Give reasons why food is an important basic need.
Date posted:
July 21, 2017
.
Answers (1)
-
What is opportunity cost?
(Solved)
Define opportunity cost.
Date posted:
July 21, 2017
.
Answers (1)
-
What is Scale of preference?
(Solved)
Define Scale of preference.
Date posted:
July 21, 2017
.
Answers (1)
-
What is Entrepreneurship?
(Solved)
Define Entrepreneurship.
Date posted:
July 21, 2017
.
Answers (1)
-
What is Economics?
(Solved)
Define Economics.
Date posted:
July 21, 2017
.
Answers (1)