Income is generated through the (1) of goods and services. In the United States, (2) of all income takes the form of wages and salaries. The remaining (3) goes to those who own the other factors of production, namely (4) and capital.

1. production

2. two-thirds

3. one-third

4. land

Income is generated through the production of goods and services. In the United States, two-thirds of all income takes the form of wages and salaries. The remaining one-third goes to those who own the other factors of production, namely land and capital.

Explanation:

Production is the process of making goods and services available for sale. It involves the creation of products that seek to address the needs and wants of consumers. Businesses make money by providing the solutions at a fee called the price.

In the US, three out of ten jobs are held by self-employed people. The other seven out of ten are, or two-thirds are employed. Employees usually receive salaries or wages as compensation for their labor. The self-employed own the factor of production and will earn profits and dividends as rewards for their entrepreneurship.

Land is one of the four a factor of productions. Land as a factor comprises of fertile farmland used for agriculture, naturally occurring resources, mineral, oil and gas and land where commercial buildings and business are set-up.