Final answer:
The economic concept that best describes the statement 'The price paid to any factor of production—labor, land, or capital—equals' is factor payment.
Step-by-step explanation:
The economic concept that best describes the statement 'The price paid to any factor of production—labor, land, or capital—equals' is factor payment.
Factor payment refers to the compensation given to the various factors of production for their contribution in the production process. For example, wages and salaries are the factor payment for labor, while rent is the factor payment for land.
In the long run, the price paid to factors of production depends on their scarcity and demand in the market, as well as their productivity and contribution to production.