What are the resources or factors of production?
The factors of production are the resources that a company has to use them in its production process. The three large groups of factors are labor, capital, and land.
What are the factors of production and what is the remuneration they receive?
The remuneration of the productive factors of a company are called costs. The remuneration of the land, land rent and its amount will depend on the goods that are produced or obtained on it. The remuneration of the profit capital, and of the financial capital, interest.
What is the remuneration of the productive factors?
REMUNERATION OF PRODUCTION FACTORS. The different elements that make up the productive factors are goods and services, which are demanded and affected by different markets, with which it is understood that each of them must have a price.
What are the salary payments?
It is defined as the wage or salary previously set under a contract within the legal requirements established by labor law. The first is the remuneration that the worker receives monthly and the second, the salary, his price per hour.
What is the remuneration of the capital factor?
FOR THE CAPITAL FACTOR: interest. RENT: it is the remuneration that the land obtains according to the value of its productivity. TAX: is the provision required by the STATE to economic subjects in order to meet public needs.
What type of remuneration can the labor factor receive?
Types of remuneration
- Fixed remuneration. It is the minimum economic remuneration that the company guarantees its workers and that is set depending on the functions they perform or the position they hold.
- Variable retribution. It is established based on the results achieved.
- Remuneration in kind.
What is the meaning of the word retribution?
F. Reward or payment of something.
What is the power of retribution?
The advantages of the power of retribution are the following: It refers to when others are rewarded if they do what you want, it can be social or monetary reward, the power is based on the expectations that others have of receiving something from you .
What is retribution in the Bible?
In Theology, retribution is the reward for conduct deemed good or the punishment for an action condemned as bad. It is also part of common moral and legal sense.
What are staff compensation?
Compensation is the most important expense in most companies. The remuneration of an employee does not correspond only to the salary that he receives, but is made up of three components: base salary, salary incentives and benefits.
What are example job compensation?
Remuneration is the sum of the salary stipulated in the contract with additional benefits, also provided for in the contract. Thus, it is possible to perceive that while the salary is calculated as a fixed value over a period of time, the additional benefits are related to productivity and performance.
What are the types of compensation?
Thus, there are three most common and effective remuneration systems: fixed remuneration, variable remuneration and complementary payment in kind.
What is salary and what are its forms of remuneration?
The salary is a consideration that the worker receives in exchange for the work done for an employer, the amount is established in the employment contract. The salary is received mainly in money, although there may be a part in kind that can be evaluated in monetary terms.
What is wage indefeasibility?
The salary, wages, pension, remuneration or its equivalent, which does not exceed the amount indicated for the minimum interprofessional salary, is unattachable. 1º For the first additional amount up to the amount of twice the minimum interprofessional salary, 30%.
What is the job description and remuneration?
Remuneration for job evaluation is very simple to calculate, and consists of paying the worker according to the job in which they work. To each point, each job will carry a number of points already calculated, an economic value is assigned.
What is salary and what constitutes it?
Salary constitutes not only the ordinary, fixed or variable remuneration, but everything that the worker receives in money or in kind as direct consideration for the service, whatever the form or denomination that is adopted, such as bonuses, bonuses, usual bonuses, value of the extra work or…
What is a wage and salary administration system?
Wage and salary administration refers to the set of rules and procedures that can establish and maintain salary structures equitably with the company.
What is salary in a company?
Salary or salary is the remuneration received by a person as payment for their work. In this way, the employee can benefit from his contribution in time and effort to the company that hires him. In the same way that you can see that contribution translated into monetary terms.