ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services. People who are employed or would like to be are considered part of the labor available to the economy.

Detailed explanation-2: -The second factor of production is labor. Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school.

Detailed explanation-3: -Labor. All human effort that assists in production is labour. This effort can be mental or physical. It is a human factor of production.

Detailed explanation-4: -Labor As a Factor Labor refers to the effort expended by an individual to bring a product or service to the market. Again, it can take on various forms. For example, the construction worker at a hotel site is part of labor, as is the waiter who serves guests or the receptionist who enrolls them into the hotel.

Detailed explanation-5: -What is labor cost in manufacturing? In short, labor cost in manufacturing industry is the total amount spent on employees by your company. The total amount includes the salaries for hourly and salaried workers, plus employee taxes, bonuses, and company-specific extras such as employee compensation schemes.