Question

which do you mean by labour a factor of production?​

Answer 1

❣Factors of Production – Labour❣

☛ 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.

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Answer 2

Answer:

Factors of Production – Labour

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.

Things can't be produced unless someone makes them. Your lemonade won't make itself, and it won't sell itself if you aren't there to do it. Therefore, labour is an important factor of production.

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