a) State four reasons people still engage in hawking.
b) Explain the four factors of production.
(a) Reasons people still engage in hawking
(b) The factors of production
(i) Land: This includes all free gifts of nature. It includes sea, soil, rivers,
vegetation and minerals. The reward for land is rent. It is fixed in nature;
(ii) Labour: This refers to all human efforts that are directed towards the production of goods and services for which payments are made. Its reward are wages/salaries/ commission. It is mobile and can be skilled or unskilled;
(iii) Capital: This includes all materials/wealth that is directed towards the production of other goods. it includes physical cash, machineries and equipment that can be acquired and accumulated. Its reward is interesting and it is mobile.
(iv) Entrepreneur/Entrepreneurship/Enterprise: This refers to the owner of the business, who provides, organizes and coordinates the other factors of production. The reward is profit. He bears the risk of the business.
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