Define production? Explain role of labour of production?
Answers
Answer:
✔✔The factor of production is one of the foundation of economic activity. They describe all the input or resources that are used in the production of goods and services .
✔✔Labour as a factor of production refers to the human effort that is used in the production of goods and services
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Answer:
Explanation:
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the Labour is the fundamental and active factor of production Labour has important contribution to the production of commodities. Labour is the exertion of mind and body undertaken with a view to some goods other than the pleasure directly derived from the work.utility of individuals.