land, labor and capital

[economics]

In a Free Market economic system, providers of land, labor and capital (LLC) are compensated for bringing their inputs to market.

a) In each case, what are these compensations called?

b) Who decides how LLC will be combined, and

c) what is their (potential) reward for making these decisions?

d) Finally, what determines the prices paid for LLC?

 

[jwoodie]

In the 21st Century, land is irrelevant and labor is becoming obsolete. Capital and technology are the main determinants of economic output.