define productions? Explain the role of labour in production
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production during a time period all activity which either creates utility during the period or which increases ability of the society to create utility in the future.
Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect etc. done in exchange for an economic reward.
Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect etc. done in exchange for an economic reward.
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Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs. ... They are improving quality-price-ratio of goods and services and increasing incomes from growing and more efficient market production
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Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect etc. done in exchange for an economic reward. Let us see the features of labour as a factor of production.
u can refer to toppr
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