Question : The remuneration of the entrepreneur in production is
Option 1: pure profit
Option 2: gross profit
Option 3: net profit
Option 4: super-normal profit
Correct Answer: net profit
Solution : The correct answer is net profit.
There are four factors of production in an economy. They are land, labour, capital and entrepreneurship. Remuneration from land is revenue, labour remuneration is wages, capital gets interest and entrepreneurs earn net profit. These are the building blocks of an economy.
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