difference between labour and entrepreneur in 3 points
Answers
Basically, labor is “human effort used in production which also includes technical and marketing expertise”. ... In economics, labor refers to the physical work done to produce goods or services and entrepreneurship refers to the innovations devised to produce goods or services.
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Answer:
Basically, labor is “human effort used in production which also includes technical and marketing expertise”. ...
In economics, labor refers to the physical work done to produce goods or services and entrepreneurship refers to the innovations devised to produce goods or services.
Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.
The last resource, entrepreneurship, refers to the ability to put the other three resources together to create value.
The reward for land is rent. 'Labour' - the skills of the workforce and the quantity of labour they produce.
The reward for labour is wages. 'Capital' - investment in man-made aids to production including buildings, factories, computers.