Own vs. borrowed capital, factors of production remuneration, and the role of entrepreneurs & technology in the economy.
Own capital refers to the funds invested in a business by its owner(s), while borrowed capital is money acquired through loans or other forms of credit.
In terms of remuneration for factors of production: A. Land - rent, B. Capital - interest, C. Entrepreneurship - profit, D. Labour - wages.
Entrepreneurs play a crucial role in coordinating labor, capital, and natural resources efficiently with the aid of technology to drive economic growth through innovative processes and products.
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