Factor Payments are wages paid to factors of production, categorized as explicit or implicit costs.
Factor Payments are payments made for the use of factors of production, categorized as either explicit or implicit costs. Rent, wages, interest, and profits are Factor Payments classified as Factor Payments under (a) Factor Payments. Gifts, donations, and scholarships fall under Factor Payments and are categorized as Factor Payments in (b) Explicit Payments.
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