1. EPF4 demonstrate knowledge that many factors affect income

2.  Income for most people is determined by the
market value of the productive resources
they sell.


4.  To earn income, people sell productive
resources. These include their
labor, capital, and natural resources and
entrepreneurial talents.
 In a market economy, the market value of a
resource is determined primarily by the
supply and demand for that resource.

6.  A wage or salary is the price of labor; it
usually is determined by the supply of and
demand for the skills and knowledge
(human capital) a person has.