explain labour and human capital as the requirements for producition of goods and services
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The aim of production is to produce the goods and services that we want.
a. Labour is an active factor of production.
b. Efficiency of the labour can be increased through training.
c. Farm labourers come either from landless families or families cultivating small plots of land.
d. Wages are paid to the labour in lieu of the service.
e. Labour can be either skilled or unskilled.
Human capital:Human knowledge and enterprise is needed to put together land, labour, and physical capital and produce an output.
a. Labour is an active factor of production.
b. Efficiency of the labour can be increased through training.
c. Farm labourers come either from landless families or families cultivating small plots of land.
d. Wages are paid to the labour in lieu of the service.
e. Labour can be either skilled or unskilled.
Human capital:Human knowledge and enterprise is needed to put together land, labour, and physical capital and produce an output.
shivam969:
Labour: People who works on wages is called labour. Labour are of two types:
skilled and unskilled labour
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labour are manufacturing and capital are working
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