Question

Is factor income same as factor payment
GPT 3.5
Yes, factor income and factor payment are essentially the same thing. Factor income refers to the income earned by individuals or businesses in exchange for providing the factors of production (land, labor, capital, and entrepreneurship) for the production of goods and services. Factor payments are the actual payments made for these factors of production, such as wages for labor, rent for land, interest for capital, and profits for entrepreneurship.