Question

what is the importance of labor in production

Answer 1

the labour are very important whether there are skilled or unskilled labour
there are very important to produce something






Importance of Labour in Production:

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. Like a commodity, Labour cannot be stored and withdrawn from the market for a favourable time if the wage offered in low.

Further, Labour is inseparable from labourer and has to be be delivered personally, working conditions or environment are of great importance. If the place of work is congenial and the management is kind hearted, even a lower wage can be acceptable. Labour has a weak bargaining power, therefore, the employer has an upper hand in Labour transactions and the wage given is lower than it is due.

The supply of Labour cannot quickly adjust to the change in demand. The wages sometimes rule higher and at other times lower than need be. As the Labour has no calculable cost of production, it has to be satisfied with the wage it can receive or it receives.

Therefore, Karl Marx has said—”Capital is the collective shape of Labour performed in the past. Land which has been made for productive purposes is the important effort of Labour”. Hence, we cannot ignore the importance of Labour in Economics.

Answer 2

The importance of labor in production-

1. One of the essential factors of production is the availability of labor.

2. It is the coordinated efforts of laborers that result in the completion of the production process.

3. Labor is a source of employment that generates income in the economy.

4. Skilled and unskilled laborers are required at a huge rate to carry out an enormous amount of production. Fieldwork is mainly carried out by laborers. Labor-intensive methods are still hugely applied in various industries to carry out the productions.