Question

What is the income people receive for supplying factors of production, such as land, labor, or capital, called?

Answer 1

It's called factor payments.

Answer 2

Factors of production are used for the production of good and services. The payments made to the owners of the factors of production as a retribution for their usage, have specific names for each factor:

• The payment for the factor 'land' is denominated rent.
• The payment for the factor 'labor' is called wage.
• The payment for the factor 'capital' is denominated interest.