Question

“Labour is an essential item for production.” Read the statement and interpret it.​

Answer 1

Answer:

Labourer is original and indispensable factor of production without it the work of production is not possible..Labour is very important means in comparison to the other means of production.

It is because of labour the use of land and other natural means is possible . In production work labour plays active role....

Explanation:

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Answer 2

Economically, labor is the task of producing any services/goods. It encompasses everything that is done by humans – physical work, mental practice, intellectual use, etc.

Explanation:

• Labour is an original and essential production factor without which production work is impossible. Labour is an active productive factor. This is the factor which begins production. Land & capital cannot begin production alone and therefore they are referred to as passive factors.
• Production/output from land and capital development just begins when a man strives. They require the active production factor, i.e. work to be productive. Production starts with active human intervention.